Rally

Bitcoin ETF

Read

<ul>
 <li>Bitcoin ETFs record inflows over 3,500 BTC, 7x daily mined supply.</li>
 <li>Grayscale’s GBTC sees $9.35M in a day, marking five days of gains.</li>
 <li>CryptoCon projects Bitcoin could hit $149,000 by the end of 2024.</li>
</ul>
<p>Bitcoin ETFs are currently experiencing unprecedented inflows, far surpassing the daily BTC supply from mining, signaling institutional interest as the price of Bitcoin <a href="https://cryptonewsland.com/bitcoin-price-enters-discovery-phase-as-btc-broke-71000-following-a-1-1-billion-bitcoin-btc-purchase-new-aths-ahead/" target="_blank" rel="noopener noreferrer nofollow">escalates</a> to $72,000. In a single day, spot Bitcoin ETFs recorded inflows of over 3,500 BTC, nearly seven times the bitcoins mined daily.</p>
<p><strong>Grayscale and Other Major ETFs Lead the Charge</strong></p>
<p>Despite recent executive shifts at Grayscale, where CEO Michael Sonnenshein stepped down, the firm’s Bitcoin ETF, GBTC, continued to attract significant capital, with $9.35 million recorded in a single day. This marks the fifth consecutive day of net inflows for GBTC.&nbsp;</p>
<p>Other key players, including ARKB and BlackRock’s IBIT, have also seen substantial inflows, collectively drawing in over $134 million in a single day, highlighting the growing investor confidence in Bitcoin’s market prospects.</p>
<p>Moreover, the aggregated U.S. Bitcoin ETF <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener noreferrer nofollow">inflows</a> amounted to $235 million for the day, amounting to 3,518 BTC. This remarkable accumulation by U.S. funds is complemented by active buying from Hong Kong Bitcoin ETFs, which were net buyers, further emphasizing the global bullish stance on Bitcoin.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;"> Hong Kong Bitcoin ETFs were also net buyers on 5/20 <a href="https://t.co/GUhlSymVly" rel="noopener noreferrer nofollow">pic.twitter.com/GUhlSymVly</a></p>— HODL15Capital <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@HODL15Capital) <a href="https://twitter.com/HODL15Capital/status/1792743675220652193?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 21, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p><strong>Potential for a Major Bitcoin Rally</strong></p>
<p>The convergence of high inflows and stable prices above $70,000 has set the stage for a potential rally towards the $100,000 mark. Market analysts from CryptoCon project Bitcoin to reach as high as $149,000 by the end of 2024, based on Log Regression Curves, which have historically predicted significant market tops with high accuracy.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is still on track for a layer 7 price target of 149k by the end of this year.<br><br>This is according to the most accurate measure for both 2021 cycle tops, the Log Regression Curves.<br><br>The more conservative layer 6 has a target of 108k by that time, which is the layer that… <a href="https://t.co/Hg3YyZO3Qf" rel="noopener noreferrer nofollow">pic.twitter.com/Hg3YyZO3Qf</a></p>— CryptoCon (@CryptoCon_) <a href="https://twitter.com/CryptoCon_/status/1792570975868883107?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 20, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The strong institutional backing, evidenced by the heavy inflows into Bitcoin ETFs, underscores a positive outlook for Bitcoin’s price trajectory. With the crypto community eyeing the next major resistance level, the stage is set for an exciting phase in Bitcoin’s journey towards potentially record-breaking highs.&nbsp;</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also:</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/grayscales-gbtc-sees-positive-inflow-after-prolonged-downturn/" rel="noopener noreferrer nofollow">Grayscale’s GBTC Sees Positive Inflow After Prolonged Downturn</a></li>
 <li><a href="https://cryptonewsland.com/cardano-sees-over-1000-surge-in-inflows-whats-next/" rel="noopener noreferrer nofollow">Cardano Sees Over 1,000% Surge in Inflows: What’s Next?</a></li>
 <li><a href="https://cryptonewsland.com/xrp-bucks-trend-with-700k-inflows-as-bitcoin-and-ethereum-see-70m-outflows/" rel="noopener noreferrer nofollow">XRP Bucks Trend with $700K Inflows as Bitcoin and Ethereum See $70M+ Outflows</a></li>
 <li><a href="https://cryptonewsland.com/grayscale-bitcoin-etfs-66-9m-inflow-vanishes-is-it-good-or-bad/" rel="noopener noreferrer nofollow">Grayscale Bitcoin ETF’s $66.9M Inflow Vanishes: Is it Good or Bad?</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-etf-whales-just-entering-the-space-massive-inflows-yet-to-come-from-over-35-pending-fillings/" rel="noopener noreferrer nofollow">Bitcoin ETF Whales Just Entering the Space, Massive Inflows Yet to Come from Over 35 Pending Fillings</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/bitcoin-etf-inflows-hit-record-highs-amid-rally-to-100k/" rel="noopener noreferrer nofollow">Bitcoin ETF Inflows Hit Record Highs Amid Rally to $100K</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin ETF Inflows Hit Record Highs Amid Rally to $100K

Crypto News Land

Other articles published on May 21, 2024

Signs of Potential Approval of Ethereum ETFs Cause Record Rise in ETH Futures! Here are the Details

Gala games hacker steals $214M, dumps $21.8M in ETH

Will Cat Coins Overtake Dog Coins After CWIF Price Rally, or Could This Multi-Chain Meme Coin Reg...

Court Approves $2B Settlement Agreement Between Genesis and New York Attorney General’s Office

Why Are Cryptocurrencies Gaining Traction?

Analysts Boost Ethereum ETF Approval Odds, Driving Altcoin Surge

Join our free newsletter for daily crypto updates!