Bitcoin ETF

Bitcoin

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 <a rel="noopener noreferrer nofollow" href="https://sosovalue.xyz/assets/etf/us-btc-spot">SoSoValue</a> 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.
<h2 class="p1" id="blackrock-s-ibit-flips-grayscales-gbtc-etf">BlackRock’s IBIT Flips Grayscales GBTC ETF</h2>
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, <a href="https://coingape.com/ethereum-etf-to-grab-only-20-of-spot-bitcoin-etf-flows/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> saw a daily total net inflow of $45 million, significantly below Monday’s $250 million.
<a href="https://coingape.com/blackrock-ibit-becomes-largest-bitcoin-fund-overtaking-grayscale/" rel="noopener noreferrer nofollow">BlackRock’s IBIT</a> 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 $16 billion in IBIT since the ETFs started trading in the US.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;"> Ladies &amp; Gentlemen!! The Bitcoin ETF flippening <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/BlackRock?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@BlackRock</a> 's Bitcoin ETF, <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$IBIT</a> overtook <a href="https://twitter.com/Grayscale?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Grayscale</a> 's <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$GBTC</a> <a href="https://t.co/EJI0aAPim9" rel="noopener noreferrer nofollow">pic.twitter.com/EJI0aAPim9</a>
 — 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/1795626922174746867?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 29, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 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 <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/1795637263310954651?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 29, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
So far, Bitcoin ETFs have posted $13.73 billion in cumulative total net inflow, with $1.6 billion in total value traded.
<figure id="attachment_199465" aria-describedby="caption-attachment-199465" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-199465" src="https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-29-at-15.28.36.png" alt="Bitcoin ETFs stats | SoSoValue" width="2406" height="1216" srcset="https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-29-at-15.28.36.png 2406w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-29-at-15.28.36-300x152.png 300w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-29-at-15.28.36-1224x619.png 1224w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-29-at-15.28.36-768x388.png 768w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-29-at-15.28.36-1536x776.png 1536w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-29-at-15.28.36-2048x1035.png 2048w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-29-at-15.28.36-150x76.png 150w" sizes="(max-width: 2406px) 100vw, 2406px">
 <figcaption id="caption-attachment-199465" class="wp-caption-text">
 Bitcoin ETFs stats | SoSoValue
 </figcaption>
</figure>
<h2 class="p1" id="can-bitcoin-price-win-the-battle-to-breakout">Can Bitcoin Price Win The Battle To Breakout?</h2>
The bullish momentum accentuated by the approval of Ethereum <a href="https://coingape.com/bitcoin-ethereum-record-1-36-bln-inflow-amid-etf-optimism-prices-to-rally/" rel="noopener noreferrer nofollow">ETFs</a> 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.
<figure id="attachment_199464" aria-describedby="caption-attachment-199464" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-199464" src="https://coingape.com/wp-content/uploads/2024/05/BTCUSD_2024-05-29_15-57-11.png" alt="Bitcoin price chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/05/BTCUSD_2024-05-29_15-57-11.png 2694w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD_2024-05-29_15-57-11-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD_2024-05-29_15-57-11-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD_2024-05-29_15-57-11-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD_2024-05-29_15-57-11-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD_2024-05-29_15-57-11-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD_2024-05-29_15-57-11-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-199464" class="wp-caption-text">
 Bitcoin price chart | Tradingview
 </figcaption>
</figure>
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.
The post <a href="https://coingape.com/markets/bitcoin-price-as-blackrocks-ibit-etf-surpasses-grayscales-gbtc-will-btc-price-top-80000/" rel="noopener noreferrer nofollow">Bitcoin Price: As BlackRock’s IBIT ETF Surpasses Grayscale’s GBTC, Will BTC Price Top $80,000?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

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

Table of Contents

Coingape News Media

Other articles published on May 29, 2024

XRP Price Moves To Break Out Of 7-Year Accumulation, Analyst Highlights Possible 1,200% Rally

Holochain Supports Decentralized Applications and Payments

London’s Kroo Bank Halts Crypto Transactions from May 30

Arkbit Crypto Mining MLM Fraud Busted by Texas Regulators

Meta Eliminates AI-Driven Influence Accounts in China, Israel

Jian Wen Sentenced To 6 Years Of Imprisonment For Money Laundering

Join our free newsletter for daily crypto updates!