Bitcoin ETF

Bitcoin

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<p>The Bitcoin ETF market started the week on a positive note with more than $237 million inflows registered by all eleven spot Bitcoin ETFs on Monday, May 20. In the last 24 hours, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> has also rallied by 7% shooting all the way up to $72,000 amid positive developments surrounding the spot Ethereum ETF approval.</p> 
<h3 id="bitcoin-etf-inflows-outpace-daily-btc-mined">Bitcoin ETF Inflows Outpace Daily BTC Mined</h3> 
<p>On May 20, Bitcoin spot ETFs saw a substantial net inflow totaling $241 million, as per <a rel="nofollow" href="https://farside.co.uk/?p=997" target="_blank">data</a> from Farside Investors.</p> 
<p>On the other hand, Grayscale’s ETF GBTC received $9.35 million in a single day, despite the news that <a href="https://coingape.com/breaking-grayscale-ceo-michael-sonnenshein-resigns" target="_blank" rel="noopener">Grayscale CEO</a> Michael Sonnenshein resigned from his position. This was the fifth consecutive day of GBTC recording net inflows.</p> 
<p>Additionally, the ETF ARKB, managed by Ark Invest and 21Shares, attracted $68.28 million, while BlackRock’s ETF IBIT saw inflows of $66.35 million.</p> 
<p>The recent daily inflows into spot Bitcoin ETFs are nearly 6-7 times the daily BTC supply generated through mining. On May 20, 2024, Bitcoin ETFs purchased over 3,400 BTC, significantly outpacing the daily mining rate of 450 BTC.</p> 
<p>This contributed to the final U.S. Bitcoin ETF inflows of $235 million for the day, translating to 3,518 BTC against a weekly mining total of 3,150 BTC, as per data from HODL15Capital. As it turns out, the Hong Kong Bitcoin ETFs were also the net buyers on Monday.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><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 rel="nofollow" href="https://t.co/GUhlSymVly">pic.twitter.com/GUhlSymVly</a></p> 
 <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 rel="nofollow" href="https://twitter.com/HODL15Capital/status/1792743675220652193?ref_src=twsrc%5Etfw">May 21, 2024</a></p>
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<h3 id="btc-price-set-for-rally-to-100">BTC Price Set for Rally to $100?</h3> 
<p>Institutional interest in Bitcoin is once again surging with the <a href="https://coingape.com/bitcoin-solana-surge-with-947m-inflow-btc-price-rally-ahead/" target="_blank" rel="noopener">Bitcoin investment products</a> seeing over $932 million worth of inflows last week.</p> 
<p>As reported yesterday, the Bitcoin price has been consolidating for weeks in the range of $60,000-$70,000. This provided investors with a greater opportunity to <a href="https://coingape.com/bitcoin-is-providing-the-final-bargain-opportunity-before-post-halving-rally/" target="_blank" rel="noopener">accumulate Bitcoins</a> before the pre-halving rally kickstarts.</p> 
<p>According to data from CryptoCon, Bitcoin remains on track for a layer 7 price target of $149,000 by the end of 2024. This projection is based on the Log Regression Curves, noted for their accuracy in predicting the 2021 cycle tops. A more conservative layer 6 target, which aligns with the 2013 cycle top, estimates Bitcoin reaching $108,000 by year-end.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><a rel="nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is still on track for a layer 7 price target of 149k by the end of this year.</p> 
 <p>This is according to the most accurate measure for both 2021 cycle tops, the Log Regression Curves.</p> 
 <p>The more conservative layer 6 has a target of 108k by that time, which is the layer that… <a rel="nofollow" href="https://t.co/Hg3YyZO3Qf">pic.twitter.com/Hg3YyZO3Qf</a></p> 
 <p>— CryptoCon (@CryptoCon_) <a rel="nofollow" href="https://twitter.com/CryptoCon_/status/1792570975868883107?ref_src=twsrc%5Etfw">May 20, 2024</a></p>
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<p>The post <a href="https://coingape.com/bitcoin-etf-inflows-at-7-times-daily-supply-gbtc-inflows-continue/">Bitcoin ETF Inflows At 7 Times Daily Supply, GBTC Inflows Continue</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin ETF Inflows At 7 Times Daily Supply, GBTC Inflows Continue

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