BlackRock Bitcoin ETF Beats ‘Magnificent 7’, Analyst Sees $88K Surge. Read CoinChapter.com on Google News
NAIROBI (CoinChapter.com) — BlackRock’s Bitcoin ETF has outperformed major stock ETFs, attracting nearly $19 billion in inflows this year.
Bitcoin ETF Zooms Ahead
Jeroen Blokland, founder of Blockland Smart Asset Fund, highlighted that these inflows surpass those of Invesco’s Nasdaq 100 ETF, which includes the popular “magnificent seven” stocks: Microsoft, Apple, Tesla, Amazon, Meta, Alphabet, and Nvidia.
Year-to-date Bitcoin ETF inflows. Source: Jeroen Blokland
In a July 23 post on X, Blokland emphasized the scale of these investments. He noted that BlackRock’s ETF inflows outpaced those of Invesco’s Nasdaq 100 ETF and other AI-focused funds. Fidelity’s spot Bitcoin ETF, ranked 11th, also accumulated $10 billion in inflows.
Consequently, Bitcoin has become the world’s second-biggest asset class in terms of inflows. This is significant given its market size is 90 times smaller than equities.
BlackRock Bitcoin ETF. Source: Julian Fahrer
On July 22, BlackRock Bitcoin ETF saw its largest inflow in over four months, with over $523 million. According to Hey Apollo data, the iShares Bitcoin Trust ETF (IBIT) acquired 7,759 Bitcoin, valued at over $523 million. This surge reflects increasing investor interest in Bitcoin as a legitimate asset class.
Analyst Predicts $88,000 by September Amid Massive Inflows
U.S. spot Bitcoin ETFs amassed over $61 billion in on-chain holdings, controlling more than 4.6% of the total Bitcoin supply. This surge has driven projections for future price movements. Crypto analyst Titan of Crypto predicts Bitcoin could reach $88,000 by September, based on Ichimoku analysis.
Furthermore, Titan of Crypto highlighted on July 21 that Bitcoin is back above the Tenkan line on the weekly timeframe, indicating bullish momentum. The chart analysis suggests an intermediate target of $88,500, with key levels to watch around $66,800 and a crucial bounce point.
BTC/USDT, 1-week price chart. Source: Titan of Crypto
Bitcoin ETFs accounted for about 75% of new investments by February 15, coinciding with Bitcoin’s rise above $50,000. The chart illustrates the price action and key levels to monitor for a potential surge.
BTC/USD 1-day price chart. Source: CoinMarketCap
Bitcoin’s current price as of July 24 is approximately $65,711.54, reflecting a 2.79% decrease over the last day. Bitcoin’s market cap stands at $1.3 trillion, with a 24-hour trading volume of $35.2 billion.
Meanwhile, Markus Thielen, founder of 10x Research, speculated that Republican Party nominee Donald Trump might announce Bitcoin as a strategic reserve asset. This could happen at the upcoming Bitcoin 2024 conference in Nashville, Tennessee, on July 25. Thielen suggested this could trigger a “parabolic” move for the price of Bitcoin in the coming weeks.
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