- Spot Bitcoin ETF market saw a dramatic inflow that surpassed daily mined BTC.
- Data points to Bitcoin reaching a $108,000 price target in the coming months.
On Monday, spot Bitcoin Exchange-Traded Funds (ETFs) recorded inflows seven times the daily Bitcoin (BTC) supply generated through mining. This represents a key milestone for all eleven Bitcoin ETFs, leading to BTC climbing to $72,000 following a 7% market rally.
Bitcoin ETFs Record Huge Inflows
According to data from Farside Investors, Bitcoin ETFs recorded total inflows of $237.2 million on May 20. Ark Investment’s ARKB led the group with $68.3 million, BlackRock’s IBIT came second with $66.4 million, and Fidelity Investments’ FBTC followed with $64 million.
Meanwhile, Grayscale’s GBTC saw inflows of $9.3 million, its fifth consecutive day of inflows after months of outflows per an earlier Crypto News Flash report. Total inflows for IBIT this month now stand at $15.7 million while total outflows for GBTC are about $17.6 million.
Presently, the inflows into spot Bitcoin ETFs are over six to seven times more than the daily supply of BTC produced by mining. About 3,400 BTC were bought by Bitcoin ETFs on May 20, much above the 450 BTC that was mined on the same day.
Per data from HODL15Capital, this helped to contribute to the final U.S. Bitcoin ETF inflows of $235 million for the day, translating to 3,518 BTC versus a weekly mining total of 3,150 BTC. It turns out that the Hong Kong Bitcoin ETFs were also the net purchasers on Monday.
With almost $932 million in inflows into Bitcoin investment products last week, institutional interest in the cryptocurrency is once again on the rise.
Bitcoin’s Performance and Predictions
The price of Bitcoin has been consolidating for weeks within the range of $60,000-$70,000. This gave investors more time to buy more Bitcoin before the commencement of the pre-halving surge.
However, BTC has moved above the $70,000 point following increased investments in spot ETFs, as previously reported by Crypto News Flash. Notably, as of this writing, BTC is trading at $70,901, demonstrating a 6.2% increase in the past 24 hours. Also, the market cap has moved to $1.4 trillion while trading volume increased by 130% to $52.9 billion.
Recent data from CryptoCon reveals Bitcoin is on track for a layer 7 price target of $149,000 by the end of 2024. The Log Regression Curves, known for their accuracy in forecasting the cycle peaks in 2021, serve as the foundation for this forecast. A more cautious layer 6 objective predicts that Bitcoin will hit $108,000 by the end of this year, matching the 2013 cycle peak. This forecast aligns with other top analyst’s projections overall.
Moreover, Bitcoin developers believe programmability could ignite the next bull run for BTC, per Crypto News Flash’s earlier announcement. The goal of this project is to give Bitcoin features that are more often associated with Ethereum, such as smart contracts.
