TL;DR
- U.S. Bitcoin ETFs recorded $442 million in inflows, marking the fifth consecutive day of gains.
- BlackRock led the charge with $327.3 million, followed by Ark Invest and 21Shares with $97 million.
- Despite slower inflows, the consistent rise signals growing institutional confidence in Bitcoin, hinting at a potential rally towards $100,000.
The surge in Bitcoin ETFs continues to gather momentum with an impressive streak of five consecutive days of gains. On Thursday, U.S.-listed Bitcoin exchange-traded funds (ETFs) recorded $442 million in inflows, signaling renewed interest in cryptocurrencies, especially among institutional investors.
The primary driver of this rally was “BlackRock’s iShares Bitcoin Trust (IBIT)”, which attracted the largest share of the funds, amounting to $327.3 million, according to data from SoSoValue. Additionally, other funds such as “Ark Invest” and “21Shares” saw $97 million in net inflows, while “Bitwise” and “Invesco” ETFs contributed $10.2 million and $7.5 million, respectively.
Sustained Growth Reflects Rising Institutional Confidence
Although Thursday’s inflows were smaller compared to the $916.9 million and $936.4 million recorded on Tuesday and Wednesday, respectively, the consistency of the streak shows that institutional investors are becoming increasingly confident in supporting Bitcoin, even amid a volatile macroeconomic environment.
Total trading volume across the 12 U.S.-listed Bitcoin ETFs fell to $2 billion on Thursday, down from $4 billion the day before. However, the market remains resilient, with Bitcoin holding firm around $93,687, posting a 1.17% gain over the past 24 hours, according to CoinMarketCap data.
The Path Toward $100,000: Predictions and Bullish Sentiment
Bitcoin’s price surge above $94,000 has sparked a resurgence of enthusiasm among retail traders. According to on-chain analytics firm “Santiment”, there has been a spike in fear of missing out (FOMO) among smaller investors, a typical behavior seen near local market tops. While “Santiment” acknowledges that Bitcoin could reach $100,000 soon, they caution that such milestones usually occur after the market hype fades.
In a recent statement, “Prince Filip Karađorđević” of Serbia predicted an “omega candle” rally that could push Bitcoin well beyond $100,000. Confidence in a significant breakout is growing, supported by the fact that 87.3% of Bitcoin’s circulating supply is currently in profit, suggesting continued accumulation during this market phase.
If the positive inflows continue and the majority of Bitcoin holders remain in profit, the markets could enter an euphoria phase, potentially driving Bitcoin to new heights.
