Bitcoin ETFs See $384 Million Inflows, Second Highest This Month
Between July 15 and July 19, 2024, Bitcoin ETFs saw unprecedented inflows of $18 billion, driven by heightened investor enthusiasm.
On July 16 alone, inflows hit a record $424 million, the highest of the year, with BlackRockâs iShares Bitcoin Trust (IBIT) and Fidelityâs Wise Origin Bitcoin Fund (FBTC) leading the charge with $141 million and $116.2 million respectively.
Other notable contributions came from Bitwise Bitcoin ETF (BITB) with $44.5 million, VanEckâs HODL with $41.7 million, and Grayscaleâs GBTC, which reversed its previous negative flow trend with a $20 million inflow.
This broad-based participation underscores growing confidence in Bitcoinâs future.
Institutional Investors Drive Bitcoin ETF Surge
The surge in inflows is predominantly driven by institutional investors, with FBTC and IBIT standing out due to their strong performance and reputations.
The substantial investments into these funds suggest increased institutional engagement in the Bitcoin market.
Bitcoin's price also reflected this institutional influx, rising to $66,580âup 5% over the last 24 hours and 14% over the week.
This upward momentum indicates a positive correlation between ETF inflows and Bitcoinâs market performance.
Optimistic Bitcoin Forecasts
With Bitcoin ETFs continuing to attract significant inflows, the market outlook remains optimistic.
Bitcoinâs current price of $66,541, despite recent fluctuations, shows resilience.
Technical indicators and a Fear & Greed Index value of 74 suggest Bitcoin could reach $87,880 by August 20, 2024.
As Bitcoin maintains its dominance, these inflows and bullish forecasts highlight a promising future for the cryptocurrency sector, driven by strong investor confidence and institutional support.
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