Why Didn't Bitcoin's $BTC Price Rise Despite Adding 1,901 BTC to ETFs in One Day?
Bitcoin exchange-traded funds (ETFs) are seeing a big increase in investor interest. On June 7 alone, they added a total of 1,901 Bitcoin, valued at $132 million, within just 24 hours. This marks 19 consecutive days of such activity.
In terms of inflow distribution, BlackRock saw the highest inflow, adding 2,450 BTC worth $169.2 million. Grayscale, however, experienced an outflow of 524 BTC valued at $36.3 million, while Ark saw a modest inflow of 99 BTC totaling $6.9 million.
Despite this significant investor interest, the price of Bitcoin dropped below $70,000 to $69,428.07, down 2.56%. This lack of price movement despite large inflows has led to speculation within the cryptocurrency community.
Many are uncertain about Bitcoin's performance, especially considering its slow rise post-halving. Some fear a potential bearish trend. However, the consistent inflows suggest otherwise.
Historically, prolonged sideways movement amid large inflows has preceded bullish runs, leading industry leaders like Mike Novogratz, Robert Kiyosaki, and Tom Lee to predict soaring prices.
Bitcoin's price tends to follow similar patterns after halving events, often resulting in significant price peaks. If these predictions hold true, investors like BlackRock and Grayscale could stand to profit immensely as Bitcoin's value rises.
#BullRunAhead #CryptoNews #Bitcoin
What are your thoughts on BTC?
