Strong

Bitcoin

Show

Spot

Daily

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-show-strong-interest-in-spot-bitcoin-etfs/" data-wpel-link="internal">Investors Show Strong Interest in Spot Bitcoin ETFs</a> 
Spot Bitcoin ETF market started the week strong on May 20th with over $237 million reported across eleven spot Bitcoin ETFs. This increase in inflows coincided with a 7% rise in Bitcoin (BTC) price, reaching $72,000. The positive market sentiment was further boosted by encouraging <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">news</a> regarding the potential approval of a spot <a href="https://en.coin-turk.com/ethereum-network-revenue-soars-with-meme-coin-activity/" data-wpel-link="internal">Ethereum</a> ETF. 
<h2 style="text-align: justify" id="strong-investor-influx-into-spot-bitcoin-etfs-strong">Investor Influx into Spot Bitcoin ETFs</h2> 
Farside Investors reported that on May 20th, spot Bitcoin ETFs saw a significant net inflow of $241 million. Among the notable inflows, Grayscale’s ETF GBTC received a net inflow of $9.35 million in a single day, despite CEO Michael Sonnenshein’s resignation announcement. This marked the fifth consecutive day of net inflows for GBTC, indicating continued investor interest in the ETF. 
Ark Invest and 21Shares’ spot Bitcoin ETF ARKB saw significant net inflows of $68.28 million, while BlackRock’s ETF IBIT saw net inflows of $66.35 million. 
Daily inflows into spot Bitcoin ETFs notably exceeded the daily BTC supply generated through mining. On May 20th, spot Bitcoin ETFs received over 3,400 BTC in investments, surpassing the daily mining production of 450 BTC. 
This investment flow contributed to a total net inflow of $235 million into spot Bitcoin ETFs in the USA on the same day, equivalent to 3,518 BTC. This figure exceeds the weekly mining production total of 3,150 BTC reported by HODL15Capital. Additionally, spot Bitcoin ETFs in Hong Kong were also net buyers on the same day, indicating growing global interest in Bitcoin investment products. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-353813" src="https://coin-turk.com/wp-content/uploads/2024/05/Spot-Bitcoin-ETF-Hong-Kong.png" alt="" width="548" height="516"> 
Renewed institutional interest in Bitcoin is evident as Bitcoin investment products attracted over $932 million in inflows last week. This increase in investment activity occurred as the largest cryptocurrency consolidated between $60,000 and $70,000, providing <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> with a significant opportunity to accumulate BTC in anticipation of a potential pre-halving rally. 
<h2 style="text-align: justify" id="strong-targets-begin-to-emerge-strong">Targets Begin to Emerge</h2> 
Crypto analyst CryptoCon claimed that based on Log Regression Curves, which historically accurately predicted the peaks of the 2021 cycle, Bitcoin is on track to reach a 7th layer price target of $149,000 by the end of 2024. 
As a more conservative target, the analyst suggested that Bitcoin could reach $108,000 by the end of the year, aligning with the peak of the 2013 cycle’s 6th layer target. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-show-strong-interest-in-spot-bitcoin-etfs/" data-wpel-link="internal">Investors Show Strong Interest in Spot Bitcoin ETFs</a></h5>

Investors Show Strong Interest in Spot Bitcoin ETFs

Table of Contents

COINTURK NEWS

Other articles published on May 21, 2024

Cardano Vs Chainlink Vs O2T – Experts Place Their Money On New A.I Driven Token, Here’s Why

Breaking: Gala Games Announces Migration to V2 Following $200M Token Hack

Ethereum Rises Sharply with Increased Spot ETF Approval Likelihood

Sei Network Version 2 Introduces Advanced EVM Capabilities

Altcoin Market Surge Is COMING: Best Cryptos for Immediate Gains

Top Trending Crypto: BlockDAG’s New Dashboard Propels Presale to $28.5 Million Amid Solana (SOL) ...

Join our free newsletter for daily crypto updates!