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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Jul 18, 2024 10:29 UTC
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Bitcoin ETFs Surge for 9th Day: Analyst Predicts $100K BTC Price Target
US spot Bitcoin ETFs have seen 9 consecutive days of net inflows, totaling $16.59 billion since launch in January.
BlackRock's IBIT leads with $110 million in net inflows yesterday, while Grayscale's GBTC saw $53 million in outflows.
Analyst Michael van de Pop predicts Bitcoin's price will reach $100,000 soon due to growing institutional interest reflected in ETF inflows.
U.S. spot Bitcoin exchange-traded funds (ETFs) are experiencing a remarkable surge in investor interest, with nine consecutive days of net inflows. This sustained influx of capital highlights the growing institutional appetite for Bitcoin. While the pace of inflows has moderated slightly from the previous day’s record-breaking levels, industry giants BlackRock’s IBIT and Fidelity’s FBTC remain investor favorites.
As the ETF market matures, questions arise about the potential impact on Bitcoin’s price.
Top Performers to Note
On July 17, U.S. spot Bitcoin ETFs collectively saw a net inflow of $53.35 million, marking the ninth consecutive day of positive net flows. However, this amount represents a stark drop from the impressive $422 million seen just a day earlier.
BlackRock’s IBIT led the pack with $110.37 million in net inflows and a robust trading volume of $1.21 billion. Fidelity’s FBTC also recorded net inflows, albeit more modest at $2.83 million. In contrast, Grayscale’s GBTC experienced outflows of $53.86 million, while Bitwise’s BITB saw $6 million exit.
Seven other funds, including Ark Invest and 21Shares, reported no net flows for the day.
Trading Volume Highlights
Despite the mixed results in inflows, total trade volume for U.S. spot Bitcoin funds reached $1.79 billion on Wednesday, though this remains notably lower than the peak volumes exceeding $8 billion observed in March.
Since their January launch, these ETFs have accumulated a total net inflow of $16.59 billion, indicating sustained investor confidence.
Bitcoin Price Outlook
Renowned crypto analyst Michael van de Pop attributes this growing institutional interest to increasing net inflows in Bitcoin ETFs.
While Bitcoin’s price experienced a slight 0.42% decline over the past 24 hours, currently trading at $64,776, van de Pop remains optimistic about its trajectory towards the $100,000 milestone.
As the Bitcoin ETF market heats up, all eyes are on the magic $100,000 mark. Is it within reach? You tell us.
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