Bitcoin ETF

Bitcoin

Million

James

Source: Adobe / Andy Nowack 
Digital asset investment products witnessed outflows of $16 million last week, putting an end to an 11-week streak of consecutive inflows. 
According to the latest report by CoinShares, Bitcoin-based funds bore the brunt of the outflows, with a total of $32.8 million exiting the market.&nbsp; 
Additionally, short <a href="https://cryptonews.com/coins/bitcoin/">Bitcoin (BTC)</a> investment products also suffered outflows, reaching $0.3 million.&nbsp; 
Despite the outflows, trading activity remained higher than the yearly average, with a total volume of $3.6 billion recorded last week, compared to the $1.6 billion average. 
This reversal in investor sentiment coincided with a decline in the price of Bitcoin, which dropped approximately 5% during the week, thus ending an eight-week streak of consecutive gains.&nbsp; 
At the time of writing, Bitcoin is currently trading at $40,800. 
Leading asset managers including CoinShares, Bitwise, Grayscale, ProShares, and 21Shares all experienced net outflows during this period, marking a significant departure from the previous trend.&nbsp; 
CoinShares’ Head of Research James Butterfill said the outflows appear to be driven more by profit-taking rather than a fundamental shift in sentiment towards the asset class.&nbsp; 
Analysis of regional flows reveals that the majority of net outflows originated from the U.S. and German markets, amounting to $18.3 million and $9.7 million respectively.&nbsp; 
Conversely, Switzerland experienced inflows of $9.1 million, while Canada recorded $6.9 million in inflows. 
These mixed regional flows suggest that investors are capitalizing on recent gains, opting to secure profits rather than expressing a lack of confidence in digital assets as a whole.&nbsp; 
<h2 id="analyst-expects-bitcoin-to-reach-1-million">Analyst Expects Bitcoin to Reach $1 Million</h2> 
 Despite the recent market downturn, Samson Mow, CEO of Jan3, believes Bitcoin has the potential to&nbsp;<a class="editor-rtfLink" href="https://cryptonews.com/news/crypto-analyst-bitcoin-could-hit-1-million-in-days-to-weeks-after-spot-etf-approval.htm" target="_blank" rel="noopener">skyrocket to $1 million</a>&nbsp;within a matter of days to weeks following the approval of a spot exchange-traded fund (ETF). 
“You’re hitting a very limited supply of Bitcoin on the exchanges and available for purchase with a torrent of money,” he said.&nbsp; 
“This is why you can go really high all at one time.” 
Mow highlighted the inflow of institutional capital that is expected to accompany the approval of a spot ETF, stating that there will be a torrent of money seeking to purchase the limited available Bitcoin on exchanges. 
The surge in demand, coupled with the scarcity of supply, could result in a rapid and substantial price increase. 
Comparing this expected rally to predictions made by entrepreneur Balaji Srinivasan, Mow asserts that the impact of a spot Bitcoin ETF approval on prices will unfold much faster than the effects of central bank money printing.&nbsp; 
While money printing slowly permeates the economy over the years, the approval of a spot ETF could cause a sudden and explosive surge in Bitcoin’s value. 
Mow anticipates that the rally to $1 million will occur at an unprecedented pace compared to previous Bitcoin bull runs.&nbsp; 
The 2017 rally, for instance, took nine months to achieve a 20-fold increase in value.&nbsp; 
However, with the influx of billions of dollars through ETF approvals, Mow expects the timeframe for reaching $1 million to be significantly shorter. 
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Digital Asset Investment Products Experience $16 Million Outflows, Breaking 11-Week Inflow Streak

Inhoudsopgave

Cryptonews.com

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