With bitcoin ETF Seeing an unprecedented $18 billion inflow between July 15 and July 19, 2024, the focus was clearly on them. Investor enthusiasm peaked around that time and spot bitcoin ETFs hit new highs.
The market saw an inflow of $424 million on July 16 alone, the largest of the year. Two major players led this explosion: BlackRock’s iShares bitcoin Trust (IBIT), with $141 million in inflows, and Fidelity’s Wise Origin bitcoin Fund (FBTC), with $116.2 million in inflows, both separately.
The fervor was not limited to these titans alone. btc-spot” rel=”nofollow noopener” target=”_blank”>tickets With $44.5 million and $41.7 million respectively, Bitwise bitcoin ETF (BITB) and VanEck’s HODL also made notable contributions. Grayscale’s GBTC added $20 million and even reversed its previous negative flow trend. This large participation reflects widespread faith in the future of bitcoin and points to strong and growing interest in bitcoin ETFs.
Institutional powers lead the initiative
It is hard to ignore that institutional investors are the main drivers of this rise. In particular, FBTC and IBIT have become beacons of trust for investors, attracting a lot of money with their solid performance and reputation.
As large-scale investors look to cash in on the future of bitcoin through controlled and secure investment vehicles, the huge inflows into these funds point to increased institutional participation in the bitcoin market.
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btc market cap currently at $1.3 trillion. Chart: TradingView.com
The success of bitcoin” rel=”nofollow noopener” target=”_blank”>bitcoin This also reflects this institutional rush. The price of bitcoin, trading at $66,580, is up 5% over the past 24 hours and a staggering 14% over the week. This growing momentum highlights how investor sentiment can influence notable price swings, as it implies a good link between ETF inflows and bitcoin market performance.
Bullish forecasts for bitcoin
The market is looking promising as bitcoin ETFs continue to attract significant inflows. Both historical records and current trends indicate further improvements. On March 14, 2024, bitcoin reached an all-time high of $73,630; while recent swings, its current price of $66,541 demonstrate resilience. Technical cues point to a strong bullish attitude and a Fear and Greed Index value of 74, setting the stage for bitcoin to perhapscrypto/bitcoin/price-prediction/” rel=”nofollow noopener” target=”_blank”> will grow to $87,880 by August 202024.
With bitcoin dominating its rivals, forecasts point to a 10% rise in the global cryptocurrency market. Technical data, including a 4.90% price volatility over the past 30 days and 53% recent green days, support the positive predictions. Since bitcoin's direction appears to be more bullish, investors should stay alert for changes in the market.
Considering all this, institutional titans and motivated by the excellent performance of bitcoin price, the current surge in bitcoin ETF inflows paints a positive picture for the cryptocurrency sector. With optimistic predictions and high investor confidence, the next few weeks could be crucial for bitcoin as it trades new highs.
Featured image from Regtechtimes, chart from TradingView
