Inflows into spot Bitcoin ETFs are picking up pace once again, with an additional $642 million coming on Friday, September 12. Institutional players are positioning well ahead of the expected Fed rate cut next week, as BTC moves to catch up with the Gold rally ahead. BlackRock and Fidelity have contributed a lion’s share to
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Crypto analyst Cryptoinsight has provided a bullish outlook for the XRP price, predicting that it could soon rally to as high as $12. He alluded to fundamentals and technicals, which could spark this parabolic rally.
What Could Spark The XRP Price Rally To $12
In a YouTube video, Cryptoinsight highlighted the Dubai Land Department’s recent move to launch a tokenization platform on the XRP Ledger (XRPL) as one of the catalysts that could spark the XRP price rally to $12. He also mentioned other recent partnerships and major moves Ripple has made as factors that could contribute to the price surge.
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One is the crypto firm’s acquisition of the prime broker Hidden Road, which is expected to boost the XRP Ledger’s utility. This is ultimately bullish for the XRP price as the network’s native token. The crypto analyst also mentioned the alleged link between Hidden Road and the DTCC, which enables the prime broker to process trillions of dollars in US Treasury trades daily.
Cryptoinsight also noted that Ripple has acquired a payments license in Dubai, which is bullish for the XRP price, since it is the native token of the crypto firm’s payment services. He alluded to reports of the crypto firm allegedly looking to acquire USDC issuer Circle and the XRP ETFs, whose approval odds continue to soar.
Ripple CEO Brad Garlinghouse recently discussed crypto ETFs, which the analyst believes could be a hint that these ETFs will be approved soon. Lastly, he mentioned the XRP lawsuit as another event that could be a catalyst if the long-running legal battle ends soon. Cryptoinsight predicts that the XRP price rally to $12 could happen in the next few months.
From a technical perspective, he also highlighted bullish indicators like a bull flag that had formed on XRP’s weekly chart. The crypto analyst stated that momentum is starting to reverse to the upside and that buyers could step in soon.
The Altcoin On The Verge Of A Local Low
In an X post, crypto analyst CasiTrades stated that the XRP price hasn’t made a local low yet but is on the verge of doing that. She remarked that all signs point to a retest of the $2.25 to $2.26 zone. The analyst added that this is a major structural support that aligns with the macro .382 retracement and has been a key level for the last six months.
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If that support zone holds, she claimed it could mark the base for a new wave toward $2.70. However, if it breaks, the deeper support levels at $1.90 and $1.55 would come back into focus, meaning that the altcoin could still drop below the psychological $2 level before the next leg up.
At the time of writing, the XRP price is trading at around $2.30, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
BlackRock Bitcoin ETF (IBIT) is once again leading the overall ETF inflows, scooping 2,250 BTC from the market worth $232 million, on Wednesday. Institutional demand for BTC continues as the asset flirts around $103,000 after double-digit gains last week, and setting the base for a new all-time high.
BlackRock Bitcoin ETF Dominates Net Inflows
BlackRock iShares Bitcoin Trust (IBIT) has been single-handedly dominating the inflows into US Bitcoin ETFs over the past month since mid-April. As per the Farside Investors data, US Bitcoin ETFs clocked net inflows of $319 million on Wednesday, where IBIT alone contributed a massive $223 million. Following yesterday’s purchase of 2,250 BTC, the total BTC holdings for the BlackRock Bitcoin ETF currently stand at 628,000 BTC.
Amid the strong inflows, the IBIT share price has also surged 23% over the last month, highlighting renewed interest among institutional players. Apart from IBIT, other ETFs like Fidelity’s FBTC and Grayscale mini Bitcoin ETF (BTC) contributed to $35 million in inflows each.
Bitcoin Long-Term Holder Cost Basis Jumps
On-chain analytics firm Glassnode reports that Bitcoin’s Long-Term Holder (LTH) realized price has risen to $45,340. It also reflects the aging of coins purchased in the $90,000-$100,000 range, now transitioning into the long-term holder category. The rising cost basis highlights the growing maturity of BTC holders for the long term.
Additionally, highlighting the strength of the current Bitcoin price rally, popular analyst Miles Deutscher stated that the BTC funding rate has not spiked this time. This shows that most of it has come through spot buying and not leverage, with giants like BlackRock Bitcoin ETF contributing to this.
BTC Price Needs to Clear This Resistance for ATH
As of press time, Bitcoin price is trading 1.2% at $102,388 with its daily trading volume dropping 10% to $44.5 billion. Popular crypto analyst Ali Martinez noted that BTC could see a brief pullback to $100K, with the Relative Strength Index (RSI) now signaling overbought conditions.
Crypto analyst Captain Faibik has identified an ascending triangle pattern on Bitcoin’s hourly chart. He noted that if Bitcoin successfully bounces from its current level, it could test the key horizontal resistance at $104,900. Clearing this resistance is critical for bulls to confirm a breakoutmoving towards fresh all-time highs.
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BlackRock Bitcoin ETF inflows have once again skyrocketed as the asset manager scoops up 5,613 BTC from the open market on Monday. This marks 15 consecutive days of inflows for BlackRock iShares Bitcoin Trust (IBIT), netting a total of $4.5 billion in this period. On the other hand, BTC price remains steady at $94,500 levels, with institutional interest highlighting an upside to $100K and beyond.
BlackRock Bitcoin ETF Inflows On the Rise
BlackRock’s iShares Bitcoin Trust (IBIT) has stormed the market once again with overall inflows for 15 consecutive days in a row. On Monday, the asset manager scooped an additional 5,613 BTC worth $530 million, with its total inflows since inception crossing $44 billion once again.
Additionally, data shows that asset manager BlackRock has significantly increased its stake in the iShares Bitcoin ETF, boosting its holdings by 124%, during the first quarter this year. This move brings BlackRock’s total investment in the ETF to an impressive $314 million, signaling a growing institutional appetite for Bitcoin exposure amidst evolving market conditions.
On Monday, the overall Bitcoin ETF inflows stood at $425 million. While BlackRock’s IBIT recorded $530 million in inflows, Fidelity’s FBTC, Bitwise’s BITB, Grayscale’s GBTC, and others saw net outflows yesterday, per data from Farside Investors. Bloomberg’s senior ETF strategist Eric Balchunas stated:
BlackRock’s “IBIT in the top spots, just like last year when ‘beta with a side of bitcoin’ was the big theme. $IBIT now 8th in YTD flows (was out of Top 50 at one point) with +$6.4b. Been hoovering up btc like a madman ever since the decoupling”.
BTC Price Eyes $100K Levels
BTC MVRV levels show that much of the froth has been removed as the Bitcoin price flirts around $94,500 levels over the past week, while setting the stage for gains to $100K levels. Popular crypto analyst Kyledopps reported:
“The froth is gone — the reset is real. Bitcoin’s MVRV just touched its long-term mean at 1.74 — a classic sign of flushed-out unrealized gains. Hold this level? It’s a clean reset and a setup for recovery”.
It will be interesting to see how soon BTC can resume its journey upwards of $100K as the CoinGape Bitcoin price prediction indicator shows the asset will flirt around $94,600 over the next month. However, continued inflows into Bitcoin ETFs can provide an additional catalyst for the rally ahead.
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In a newly published chart, Elliott Wave specialist and crypto analyst Big Mike (@Michael_EWpro) outlines a precise roadmap for Bitcoin’s price action, indicating that a break above $95,000—or a bounce from lower support near $72,895—could propel BTC toward the $130,000–$140,000 region. His analysis builds on detailed wave counts, multiple Fibonacci extension targets, and critical moving averages, offering a granular look at the BTC’s near- and mid-term possibilities.
What’s Next For Bitcoin?
Big Mike’s chart displays a complex Elliott Wave structure consisting of five main impulse waves and interspersed corrective sub-waves. A key area labeled near $72,895 corresponds to wave (c)(iv), representing a major potential bottom if the market breaks below $78,000 and continues lower.
Notable corrective waves around $85,000 to $95,000 appear to have formed a larger consolidation phase, which he regards as a precursor to the next directional move. The chart also pinpoints an upside pathway from roughly $95,000, projecting impulse waves (3), (4), and (5) that extend into the $100,000–$140,000 zone.
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Fibonacci extension targets appear at approximately $114,693 (1.618 extension) which could be the target for wave (3), followed by a corrective move to $102,000 before starting wave 5 which aims for $137,727 (2.618 extension), or even a final leg near $150,000 aligns with wave c(3).
Moving averages in the $72,000–$90,000 range underscore the significance of support near $78,000–$72,895, while an upper band around $90,000–$95,000 represents a crucial resistance corridor. The analyst observes a descending wedge formation from mid-February to early March, spanning $95,000 down to $85,000, and notes that an upside breakout could herald a renewed push into six-figure territory.
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Volume profiles indicate subdued participation during recent corrective phases, alongside a neutral Stochastic RSI reading that suggests momentum could shift decisively depending on which price threshold gives way first.
Big Mike emphasizes two critical lines in the sand: “BTC above $95k will trigger the move quickly towards my target of $130-$140k. Below $78k and we test $72k, then run to $140k.” From his perspective, both a direct break above $95,000 and a deeper dip to $72,895 ultimately converge on the same upside target near $130,000–$140,000.
At press time, BTC traded at $90,053.
Featured image created with DALL.E, chart from TradingView.com
Spot Bitcoin ETF flows have once again turned net positive after the drop in the core CPI for December, which triggered a rally in global equity and crypto markets. On Wednesday, net inflows into BTC ETF skyrocketed to $755 million with Fidelity’s FBTC leading the charge with $463 million in inflows. The BTC price also surged past the $100K level following a strong run-up in the S&P 500.
Bitcoin ETF Inflows Resume Again
After four consecutive trading sessions of outflows, the spot Bitcoin ETF witnessed strong inflows on Wednesday led by Fidelity. These Bitcoin investment products scooped more than 7,548 Bitcoins from the market against the daily BTC production of 450 BTC.
As shown above, Fidelity’s FBTC saw inflows totaling to $463 million, leading the pack, while Ark Invest’s ARKB came second clocking $138 million of inflows.
Although BlackRock’s iShares Bitcoin Trust (IBIT) saw only $31 million in inflows, it clocked a massive $2.35 billion in trading volumes. On the other hand, Fidelity’s FBTC clocked $284 million in trading volumes. Asset managers are working to expand its Bitcoin offerings to other global markets as well. Earlier this week, BlackRock launched a Bitcoin ETF variant on CBOE Canada.
Apart from the US, the demand for Bitcoin ETFs continues to remain strong. Hunter Horsley, CEO of Bitwise Invest stated that they have continued to receive inquiries from other nation-states as well. He said:
“We just provided some information for a nation state asking about Bitcoin ETFs. Considering moving some exposure from foreign currency govt bonds into BTC. Bitcoin is entering a new chapter”.
Core CPI Drop Fuels Market Optimism
The Consumer Price Index (CPI) for December rose by 2.9%, aligning with market expectations. Meanwhile, Core CPI inflation, which excludes food and energy prices, dropped to 3.2%, slightly below the anticipated 3.3%. This was enough to send global equities and crypto market soaring high on Wednesday.
The S&P 500 closed with a gain of more than 100 points in yesterday’s trading session, fueled by an unexpected drop in core CPI inflation. The index added an impressive $900 billion in market capitalization during the trading session.
Will Bitcoin Price Sustain Above $100K to Hit New ATH?
On-chain data shows that the current BTC rally is backed by strong fundamentals. According to blockchain analytics firm Santiment, the accumulation of wallets holding more than 10 BTC has resumed once again after stagnating during the second half of December and early January.
Similarly, the number of non-empty wallets has been declining over the past six weeks, as many small retail traders are cashing out profits and attempting to time the market peak. The data supports further rise in BTC in thew coming days.
Along with strong inflows into Bitcoin ETF, the BTC price also swiftly moved above $100K before retracing back under that crucial support. As of press time, the Bitcoin price is trading 2.34% up at $99,597 with daily trading volumes up by 5.38% to $58 billion. As per the Coinglass data, the 24-hour liquidations have shot to more than $83 million of which $58 million is in short liquidations.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
This Token Priced Below $0.08 Is Expected to Shoot Past Shiba Inu (SHIB) and Hit a $20 Billion Market Cap. | Bitcoinist
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After a dull start to October, inflows into the spot Bitcoin ETFs have surged significantly again! On Monday, the US BTC ETFs saw inflows to the tune of $555 million scooping 8,359 Bitcoins from the open market. These inflows were nearly double what we saw last Friday ($253 million) as the US stock indices continue to show strength. Some investors argue that betting on BTC ETFs is more beneficial than betting on MicroStrategy (MSTR) as its stock price is trading at a very high premium in comparison to its Bitcoin holdings.
Spot Bitcoin ETF vs MicroStrategy
The massive inflows into spot Bitcoin ETFs show potential institutional demand for the investment product. On Monday, Fidelity’s FBTC led the ETF market with $239.3 million in inflows followed by Bitwise’s BITB at $100.2 million in inflows. BlackRock’s IBIT came third at $79.5 million inflows, as per Farside Investors.
These inflows came as the BTC price bounced back all the way to $66,000 earlier today breaching crucial resistance levels. Interestingly, yesterday’s inflows into spot Bitcoin ETFs mark the highest in over four months since June 5, 2024, and the eighth largest daily inflow since the launch in January.
[BIG DAY] The 11
Bitcoin ETFs saw a massive inflow of $556M on October 14, 2024, as the $BTC price rebounded by 4.6%!
Notably, this marks the largest net inflow since June 5, 2024, and the 8th largest inflow since the launch of BTC ETFs
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Follow @spotonchain and read the… pic.twitter.com/Wx8e3yqgdN
— Spot On Chain (@spotonchain) October 15, 2024
Besides, investors have started comparing spot BTC ETFs to MicroStrategy (MSTR) as a proxy bet on the world’s largest digital asset. Following a huge rally over the past week to its all-time high above $220 levels, the MicroStrategy stock plunged by 5.1% on Monday.
Market analysts remain divided as to what is a better proxy bet for Bitcoin – the spot BTC ETFs or MicroStrategy. Nate Geraci, the President of ETF Store wrote:
“ETFs provide the same exposure without relying on the continuation of a fragile valuation premium.”
Currently, MicroStrategy’s total Bitcoin holdings are worth $15.5 billion while the company valuation is at $42 billion i.e. 2.7x. Some market analysts have been raising concerns of overvaluation in MSTR against its Bitcoin holdings.
However, “Bitcoin Guy” Rajat Soni has justified the valuations by stating that MSTR offers higher risk-adjusted returns than spot Bitcoin ETFs. Recently Michael Saylor shared his bold plans of converting MicroStrategy into the first trillion-dollar Bitcoin bank.
Larry Fink – Bitcoin Will Be Greater Than US Housing Market
In his latest interview, BlackRock CEO Larry Fink stated that Bitcoin will be as huge as the US housing market. This is a massive statement considering the fact that the size of the US housing market is at $50 trillion.
The housing market could reach $100 trillion by 2040. That’s 76 times Bitcoin’s current market cap of $1.3 trillion. In other words, Bitcoin could hit $5 million, according to one of the most influential figures in global finance. Thus, the inflows so far into spot Bitcoin ETF are just the beginning of the larger picture ahead.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Inflows into the spot Bitcoin ETF have skyrocketed once again with the Bitcoin price crossing more than $65,000 for the first time in nearly two months. The global rate cuts have provided a strong catalyst as BTC prepares for the best September on record with 10% monthly gains. Also, the current development shows that institutional interest in Bitcoin is back ahead of the expected Q4 bull run.
Spot Bitcoin ETF Inflows Surge
On Thursday, September 26, the total inflows into spot Bitcoin ETFs surged to $365 million, the highest single-day inflows in September. Furthermore, it also marks six consecutive days of inflows into the ETF products.
The Ark Invest BTC ETF (ARKB) led the pack with $113 million in inflows followed by BlackRock’s IBIT with $93.4 million in inflows. With its continuous purchases, BlackRock Bitcoin holdings have surged to 359,606 BTC making it one of the largest holders.
On the other hand, FBTC saw inflows at $74 million while BITB saw inflows at $50 million. The outflows have also dropped significantly with Grayscale’s GBTC seeing only $7.7 million outflow on Thursday, per the Farside Investors data. All in all, the spot Bitcoin ETFs scooped a total of 5,602 BTC from the market yesterday.
The recent inflows into spot BTC ETFs come on the backdrop of strong trading volumes. Yesterday, BlackRock’s IBIT led the pack with $1.52 billion in trading volume, followed by the ProShares Bitcoin Strategy ETF (FBTC) at $355 million.
Popular crypto analyst Ki Young Ju stated that the US is regaining dominance in BTC holdings driven by strong flows into spot ETF. Thus the ratio of US BTC holdings in comparison to other countries has also surged.
The
— Ki Young Ju (@ki_young_ju) September 26, 2024
Institutions Preparing for Q4 Bitcoin Rally
Apart from the Bitcoin ETFs, institutions are now preparing for a strong Bitcoin rally in Q4 amid the global rate cuts. Amid the fresh infusion of liquidity and rate cuts by PBoC, Chinese investors are buying Bitcoins to seek shelter amid their fragile economic conditions. Commenting on the macro development, QCP Capital noted:
“We believe more easing is coming from the PBoC, and they have communicated as much. Combined with the Fed joining the global cutting cycle, all major central banks (except BoJ) are now ready to inject more liquidity into the market”.
However, this liquidity flush can trigger a ‘volatility supercycle’ with Arhurs Hayes betting on a Bitcoin price rally ahead. BTC “is the most technically sound way in this modern digital world to balance the profligacy of the ruling elite,” he wrote.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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