The Bitcoin ETF market started the week on a positive note with more than $237 million inflows registered by all eleven spot Bitcoin ETFs on Monday, May 20. In the last 24 hours, the Bitcoin price has also rallied by 7% shooting all the way up to $72,000 amid positive developments surrounding the spot Ethereum ETF approval.
Bitcoin ETF Inflows Outpace Daily BTC Mined
On May 20, Bitcoin spot ETFs saw a substantial net inflow totaling $241 million, as per data from Farside Investors.
On the other hand, Grayscale’s ETF GBTC received $9.35 million in a single day, despite the news that Grayscale CEO Michael Sonnenshein resigned from his position. This was the fifth consecutive day of GBTC recording net inflows.
Additionally, the ETF ARKB, managed by Ark Invest and 21Shares, attracted $68.28 million, while BlackRock’s ETF IBIT saw inflows of $66.35 million.
The recent daily inflows into spot Bitcoin ETFs are nearly 6-7 times the daily BTC supply generated through mining. On May 20, 2024, Bitcoin ETFs purchased over 3,400 BTC, significantly outpacing the daily mining rate of 450 BTC.
This contributed to the final U.S. Bitcoin ETF inflows of $235 million for the day, translating to 3,518 BTC against a weekly mining total of 3,150 BTC, as per data from HODL15Capital. As it turns out, the Hong Kong Bitcoin ETFs were also the net buyers on Monday.
✅ Hong Kong Bitcoin ETFs were also net buyers on 5/20 pic.twitter.com/GUhlSymVly
— HODL15Capital 🇺🇸 (@HODL15Capital) May 21, 2024
BTC Price Set for Rally to $100?
Institutional interest in Bitcoin is once again surging with the Bitcoin investment products seeing over $932 million worth of inflows last week.
As reported yesterday, the Bitcoin price has been consolidating for weeks in the range of $60,000-$70,000. This provided investors with a greater opportunity to accumulate Bitcoins before the pre-halving rally kickstarts.
According to data from CryptoCon, Bitcoin remains on track for a layer 7 price target of $149,000 by the end of 2024. This projection is based on the Log Regression Curves, noted for their accuracy in predicting the 2021 cycle tops. A more conservative layer 6 target, which aligns with the 2013 cycle top, estimates Bitcoin reaching $108,000 by year-end.
#Bitcoin is still on track for a layer 7 price target of 149k by the end of this year.
This is according to the most accurate measure for both 2021 cycle tops, the Log Regression Curves.
The more conservative layer 6 has a target of 108k by that time, which is the layer that… pic.twitter.com/Hg3YyZO3Qf
— CryptoCon (@CryptoCon_) May 20, 2024
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