Bitcoin ETF Inflows At 7 Times Daily Supply, GBTC Inflows Continue
Highlights
- On Monday, bitcoin ETFs scooped over 3,500 BTC, seven times the daily supply.
- Bitcoin investment products see nearly $1 billion in inflows last week.
- If the BTC price sustains above $70,000, it can kickstart the rally further to $100K.
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
- Cyber Hornet Seeks SEC Nod for S&P 500 and XRP ETF
- Cathie Wood’s Ark Invest Eyes Stake in Tether as USDT Issuer Targets $500B Valuation
- Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026
- Bybit Lists Ripple’s RLUSD Following BlackRock and VanEck Integration
- SWIFT Plans Stablecoin and On-Chain Messaging Pilot on Linea, Challenging Ripple
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
