Bitcoin ETF

Bitcoin

BlackRock

Inflows into BlackRock’s Bitcoin exchange-traded fund (ETF) have exceeded those into the “magnificent seven” stocks in 2024, putting BTC price on track for $88,000 by September.
<h2 data-ct-non-breakable="true" id="blackrock-bitcoin-etf-inflows-surpass-magnificent-7-stocks">BlackRock Bitcoin ETF inflows surpass “magnificent 7” stocks</h2>
BlackRocks’s iShares Bitcoin Trust ETF has accumulated nearly $19 billion of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) year-to-date (YTD).
These “baffling” inflows are greater than those of the “magnificent seven” stocks in 2024, according to Jeroen Blockalnd, the founder of Blockland Smart Asset Fund, who wrote in a July 23 X <a href="https://x.com/jsblokland/status/1815645191153291691" target="_blank" rel="noopener nofollow">post</a>:
<blockquote data-ct-non-breakable="true">
 “This is more than Invesco’s Nasdaq 100 ETF, including the hyped Magnificent 7 stocks and the #ArtificialIntelligence boom. In addition, # Fidelity’s spot Bitcoin ranks 11th, gathering USD 10 billion in inflows.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/ce6505a4-a3b0-4a4c-9799-f8f73e9c6590.jpeg" alt="BlackRock Bitcoin ETF inflows surpass ‘magnificent 7’ stocks as trader eyes $88K" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF inflows YTD. Source: Jeroen Blokland
 </figcaption>
</figure>
The magnificent seven term come from the 1960s American Western film and includes Microsoft, Apple, Tesla, Amazon, Meta, Alphabet and Nvidia instead of cowboys.&nbsp;&nbsp;
This makes Bitcoin the world’s second-biggest asset class this year in terms of inflows, according to the founder, who added:
<blockquote data-ct-non-breakable="true">
 “That’s pretty amazing since Bitcoin’s size is 90(!) times smaller than that of equities.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/ether-new-all-time-high-3-5k-ethereum-etf-debut">Can ETH price crack $3.5K? Ethereum ETF debut will precede new highs, analysts say</a>
<h2 data-ct-non-breakable="true" id="bitcoin-price-to-reach-88-000-by-september">Bitcoin price to reach $88,000 by September?</h2>
United States-based spot Bitcoin ETFs have surpassed over $61 billion worth of onchain holdings. In other words, ETFs hold over 4.6% of the BTC supply.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/5e0a5eeb-2561-4b77-b151-563ab5c2f66e.png" alt="BlackRock Bitcoin ETF inflows surpass ‘magnificent 7’ stocks as trader eyes $88K" title="">
 <figcaption style="text-align: center;">
 ETF flows. Source: Dune
 </figcaption>
</figure>
US spot Bitcoin ETFs also saw over $1 billion worth of net inflows last week, as appetite for BTC was apparently boosted by the launch of the first spot Ether ETFs in the US.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/3cf67ba6-64d4-477d-aacb-5fc9cc8bb3d3.png" alt="BlackRock Bitcoin ETF inflows surpass ‘magnificent 7’ stocks as trader eyes $88K" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF net flows, weekly, in dollars. Source: Dune
 </figcaption>
</figure>
Looking at the charts, BTC price could reach a new high of $88,500 by September, based on Ichimoku analysis by popular crypto analyst Titan of Crypto.
The analyst <a href="https://x.com/Washigorira/status/1814948654056149435/photo/1" target="_blank" rel="noopener nofollow">wrote</a> in a July 21 X post:
<blockquote data-ct-non-breakable="true">
 “Bitcoin Intermediate target: $88,500! #BTC is back above Tenkan on the weekly timeframe.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/572ec059-17f4-4b3a-ad70-7f8b4cfca724.jpeg" alt="BlackRock Bitcoin ETF inflows surpass ‘magnificent 7’ stocks as trader eyes $88K" title="">
 <figcaption style="text-align: center;">
 BTC/USDT, 1-week chart. Source: Titan of Crypto
 </figcaption>
</figure>
However, Bitcoin’s price action will largely depend on the ETF inflows. Bitcoin ETFs accounted for approximately <a href="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment">75% of new investments</a> by Feb. 15, coinciding with its rise above the $50,000 mark.
As Cointelegraph reported, <a href="https://cointelegraph.com/news/bitcoin-bulls-aim-for-72k-after-btc-futures-premium-hits-a-5-week-high">the $72,000 mark</a>, just under the current all-time high, will be the next major hurdle for the BTC price to clear.&nbsp;
Related: <a href="https://cointelegraph.com/news/bitcoin-analysts-74k-btc-price-next-stop">Bitcoin analysts say 74K is the next stop for BTC price</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BlackRock Bitcoin ETF inflows surpass ‘magnificent 7’ stocks as trader eyes $88K

Зміст

Cointelegraph

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