With Bitcoin ETF Investors saw a record $18 billion in inflows between July 15 and July 19, 2024. Investor enthusiasm peaked at this time, and spot Bitcoin ETFs hit new highs.
The market saw a record inflow of $424 million on July 16 alone, the largest of the year. Two major players led this explosion: BlackRock’s iShares Bitcoin Trust (IBIT) with $141 million in inflows and Fidelity’s Wise Origin Bitcoin Fund (FBTC) with $116.2 million in inflows each separately.
The fervor was not limited to these titans. entries With $44.5 million and $41.7 million, respectively, Bitwise Bitcoin ETF (BITB) and VanEck’s HODL also made notable contributions. Grayscale’s GBTC added $20 million and even reversed its previous negative inflow trend. This large involvement reflects widespread confidence in Bitcoin’s future and indicates strong and growing interest in Bitcoin ETFs.
Major institutional powers lead the charge
It is hard to ignore the fact that it is mainly institutional investors who are behind this rise. FBTC and IBIT in particular have become symbols of investor confidence, attracting a lot of money thanks to their strong performance and reputation.
As large-scale investors attempt to capitalize on Bitcoin’s future through controlled and safe investment vehicles, the huge inflows into these funds indicate increased institutional engagement in the Bitcoin market.
BTC market cap currently at $1.3 trillion. Chart: TradingView.com
The success of Bitcoin also reflects this institutional rush. Trading at $66,580, the price of bitcoin is up 5% in the last 24 hours and 14% over the week. This growing momentum highlights how investor sentiment can influence notable price swings, as it implies a good link between ETF inflows and bitcoin market performance.
Bullish forecast for Bitcoin
The market looks promising as Bitcoin ETFs attract significant inflows. All-time highs and current trends point to further improvements. On March 14, 2024, Bitcoin reached an all-time high of $73,630; although recent fluctuations, its current price of $66,541 demonstrates staying power. Technical indications point to a strong bullish attitude and a Fear and Greed Index value of 74, paving the way for a possible Bitcoin rally reach $87,880 by August 202024.
With Bitcoin dominating its rivals, the forecast is against a 10% rally in the global cryptocurrency market. Technical data, which includes a price volatility of 4.90% over the last 30 days and 53% green days recently, support the positive forecast. Given that Bitcoin’s direction seems to be heading for further upside, investors should remain attentive to market changes.
All things considered, institutional titans and motivated by the exceptional performance of Bitcoin price, the current surge in inflows into Bitcoin ETFs presents a positive picture for the cryptocurrency sector. With optimistic forecasts and high investor confidence, the next few weeks could be crucial for Bitcoin as it trades for new highs.
Featured image from Regtechtimes, chart from TradingView
