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- Spot Bitcoin Exchange Traded Funds (ETFs) recorded a 5-day consecutive outflow after amassing $4 billion in 19 days.
- According to analysts, institutional investors are expected to get involved to push the Bitcoin price to $200,000 by 2025.
The US-based spot Bitcoin (BTC) Exchange-Traded Funds (ETFs) extended its streak of outflows to five days ending Thursday (June 20) after losing more than $900 million this week. According to SoSoValue’s data, the 11 spot Bitcoin ETFs witnessed a staggering loss of $140 million on Thursday alone with $1.1 billion in trading volumes. Grayscale’s GBTC for instance had an outflow of $53 million followed by Fidelity’s FBTC which also lost $51 million.
As disclosed by the report, only BlackRock’s IBIT recorded a net inflow of $1 million with the other products witnessing zero net inflow or outflow activity. Per our data, this outflow activity is the worst ever recorded since late April. From April 24 to May 2, a total net outflow of $1.2 billion was recorded. After this period, inflows took over with $4 billion recorded in the next 19 days.
Our review of the market activities on June 21 shows another net outflow with the total net assets in Bitcoin ETFs standing at $55.5 billion. Since Crypto News Flash reported the ETFs launch on January 11, the products have recorded a total net inflows of $14.56 billion.
Amid the ongoing streak of outflows, analysts Gautam Chhugani and Maihka Sapra predict that Bitcoin ETFs will be approved by major warehouses and large private bank platforms in the third and fourth quarters of this year.
We see bitcoin ETFs as on the cusp of approvals at major wirehouses and large private bank platforms in Q3/Q4.
Bitcoin Tipped to Hit $200,000
According to the analysts, the Bitcoin ETF inflows are expected to be better within this period with the next stage of adoption set to be driven by large advisers approving ETFs coupled with allocation headroom from the existing portfolios.
A look at our market data also shows that Bitcoin is struggling to maintain its position above the $64k zone after breaking this support level yesterday. At press time, BTC had marginally surged by 0.3% in the last 24 hours but had declined by 2% in the last seven days.
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According to Investment Research firm Bernstein, the price could stage a rebound to hit $200,000 by 2025, $500,000 by 2029, and $1 million by 2033.
Crypto analyst Kevin Svenson also provides a short-term analysis, envisioning Bitcoin to hit $90,000 on certain conditions. The first requirement is for the asset to finish the week above the parabolic curve trend line.
In explaining this, Svenson disclosed that a miraculous rally engulfing candles could certainly cause the price to rise by approximately 42%. Also, he expects the price to close the weak above $67,000 to initiate this scenario. According to him, Bitcoin is close to its all-time high, and it is just 13% – 14% away from setting a new record. To him, this proximity suggests that the asset is still in the bullish trend and is positioned to strengthen the parabolic trend through the formation of an exponential high low.
