Bitcoin ETFs Surge for 9th Day: Analyst Predicts $100K BTC Price Target

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.