With
Bitcoin
ETFs
seeing
previously
unheard-of
inflows
of
$18
billion
between
July
15
and
July
19,
2024,
the
focus
turned
clearly
on
them.
Investor
excitement
peaked
around
this
time,
and
spot
Bitcoin
ETFs
reached
fresh
highs.
The
market
saw
an
eye-watering
$424
million
inflow
on
July
16
alone,
the
largest
of
the
year.
Two
main
participants
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
fervour
was
not
restricted
to
only
these
titans.
With
inflows
of
$44.5
million
and
$41.7
million
respectively,
Bitwise
Bitcoin
ETF
(BITB)
and
VanEck’s
HODL
also
made
noteworthy
contributions.
Grayscale’s
GBTC
added
$20
million
and
even
reversed
its
prior
negative
flow
trend.
This
great
involvement
reflects
a
broad-based
faith
in
Bitcoin’s
future
and
points
to
a
strong
and
growing
interest
in
Bitcoin
ETFs.
Institutional
Powerhouses
Lead
The
Charge
It
is
difficult
to
overlook
how
predominately
institutional
investors
are
driving
this
surge.
Particularly
FBTC
and
IBIT
have
become
shining
lights
of
investor
confidence,
attracting
a
lot
of
money
with
their
solid
performance
and
reputation.
As
big-scale
investors
try
to
profit
on
Bitcoin’s
future
via
controlled
and
safe
investment
vehicles,
the
huge
inflows
into
these
funds
point
towards
increased
institutional
engagement
in
the
Bitcoin
market.
BTC market cap currently at $1.3 trillion. Chart: TradingView.com
The
success
of
Bitcoin
reflects
this
institutional
flood
as
well.
Trading
at
$66,580,
the
bitcoin’s
price
rose
by
5%
over
the
last
24
hours
and
by
an
amazing
14%
over
the
week.
This
increasing
momentum
highlights
how
investor
mood
may
influence
notable
price
swings
as
it
implies
a
good
link
between
ETF
inflows
and
the
market
performance
of
Bitcoin.
Bullish
Forecasts
For
Bitcoin
The
market
looks
bright
as
Bitcoin
ETFs
draw
significant
inflows
keep
happening.
Both
historical
records
and
present
trends
indicate
more
improvements.
On
March
14,
2024,
Bitcoin
hit
an
all-time
high
of
$73,630;
while
recent
swings,
its
present
price
of
$66,541
demonstrates
endurance.
Technical
indications
point
to
a
strong
bullish
attitude
and
a
Fear
&
Greed
Index
value
of
74,
thereby
setting
the
stage
for
Bitcoin
to
maybe
grow
to
$87,880
by
August
20,
2024.
With
Bitcoin
dominating
its
rivals,
the
forecasts
sit
against
a
10%
rise
in
the
worldwide
crypto
market.
The
technical
data,
which
include
4.90%
price
volatility
over
the
last
30
days
and
a
recent
53%
of
green
days,
support
the
positive
predictions.
Given
the
direction
of
Bitcoin
seems
to
be
for
more
upward
movement,
investors
should
keep
alert
to
changes
in
the
market.
All
things
considered,
institutional
titans
and
motivated
by
Bitcoin’s
outstanding
price
performance,
the
current
increase
in
Bitcoin
ETF
inflows
presents
a
positive
image
for
the
cryptocurrency
sector.
With
optimistic
predictions
and
great
investor
confidence,
the
next
weeks
might
be
crucial
for
Bitcoin
as
it
negotiates
fresh
highs.
Featured
image
from
Regtechtimes,
chart
from
TradingView
Go to Source
Author: Christian Encila