Bitcoin Price: As BlackRock’s IBIT ETF Surpasses Grayscale’s GBTC, Will BTC Price Top $80,000?

Highlights

BlackRock rockets past Grayscale as the latter faces an investor exodus.
BlackRock saw $103 million in daily net inflow on Tuesday.
Bitcoin price shows signs of an extended correction to $65,000 this week.
A breakout to $80,000 in the offing but first, BTC must annihilate the $72,000 resistance.

Fresh inflows into Bitcoin ETFs have caught many by surprise as BlackRock’s IBIT becomes the largest crypto ETF. The move comes after massive daily net inflows of more than $103 million, as recorded by SoSoValue on Tuesday. Meanwhile, Bitcoin price remains sluggish, falling by a modest 0.9% in 24 hours to $67,740. This adds to a 3.5% slump in the last seven days, underscoring the change in the trend from bullish earlier in the week to bearish.

BlackRock’s IBIT Flips Grayscales GBTC ETF

Despite the uptick in the inflows of most of the products, Grayscale’s GBTC posted another round of daily net outflows totaling $105 million. Cumulatively, Bitcoin ETFs saw a daily total net inflow of $45 million, significantly below Monday’s $250 million.

BlackRock’s IBIT took the lead from Grayscale boasting $19.68 billion in net assets. On the other hand, GBTC receded to the second position with $19.65 billion. Grayscale continues to face mass withdrawals to the extent the ETF has lost $18 billion since going live in January.

Investors have deposited $16 billion in IBIT since the ETFs started trading in the US.

✅ Ladies & Gentlemen!! The Bitcoin ETF flippening 👇@BlackRock 's Bitcoin ETF, $IBIT overtook @Grayscale 's $GBTC pic.twitter.com/EJI0aAPim9

— HODL15Capital 🇺🇸 (@HODL15Capital) May 29, 2024

At the time of conversion from the Bitcoin Trust, Grayscale held approximately 620,000 BTC. It accounted for roughly 3% of the total BTC supply. However, it is believed that the company’s adamance to lower the fee of 1.5% compared to the competitors’ average of 0.2% is the biggest factor causing the investor exodus.

Grayscale held 620,000 BTC at the time of the conversion (1/10/2024), which was more than 3% of circulating supply, but refused to lower the fee (1.5% vs 0.2% for peers), even after investors pulled 330,000+ BTC. So much for the "differentiated" strategy.

— HODL15Capital 🇺🇸 (@HODL15Capital) May 29, 2024

So far, Bitcoin ETFs have posted $13.73 billion in cumulative total net inflow, with $1.6 billion in total value traded.

Can Bitcoin Price Win The Battle To Breakout?

The bullish momentum accentuated by the approval of Ethereum ETFs by the Securities and Exchange Commission (SEC) last week hit a wall at $72,000. Bitcoin price corrected below the pivotal $70,000 level and continues to gradually descend in search of fresh liquidity for a renewed uptrend.

The path of least resistance could hold downward as long as the Relative Strength Index (RSI) descends to 53 in the neutral zone.

Bitcoin now holds above the 20-day Exponential Moving Average (EMA), providing immediate support on the daily chart at $67,094. If respected, a rebound could follow targeting levels above $70,000.

However, should BTC overwhelm the 20-day EMA support, traders can anticipate a stronger correction to the next anchor at $66,000. The 50-day EMA is in line at $65,535 to prevent declines to $65,000.

Despite the bullish outlook in the last two weeks, the volatile market cannot rule out an extended pullback to $60,000 and the major support in May at $56,500.

For Bitcoin to reach new record highs toward $80,000 a few milestones must be achieved, including a break above $72,000.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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