The US-based Spot Bitcoin Exchange Traded Funds (ETFs) experienced a five-day streak of outflows, losing over $900 million this week. Data from SoSoValue revealed that 11 spot Bitcoin ETFs saw a total loss of $140 million on Thursday alone, with $1.1 billion in trading volumes. Notably, Grayscale’s GBTC and Fidelity’s FBTC suffered significant outflows of $53 million and $51 million, respectively.
Interestingly, BlackRock’s IBIT was the only ETF to record a net inflow of $1 million, while others showed zero net inflow or outflow activity. This outflow trend marks the worst since late April, when a total net outflow of $1.2 billion was recorded. However, following this period, there was a surge in inflows, totaling $4 billion in the next 19 days.
As of June 21, there was another net outflow, with total net assets in Bitcoin ETFs amounting to $55.5 billion since their launch on January 11, as reported by Crypto News Flash. Analysts Gautam Chhugani and Maihka Sapra predict that major wirehouses and large private bank platforms will approve Bitcoin ETFs in the third and fourth quarters of this year, anticipating increased inflows during this period.
The analysts also foresee Bitcoin ETFs gaining traction with large advisers approving them and allocating headroom from existing portfolios. Despite struggling to maintain its position above the $64k zone, Bitcoin has seen a marginal increase of 0.3% in the last 24 hours, albeit a 2% decrease over the past week.
Bernstein, an Investment Research firm, projects Bitcoin to reach $200,000 by 2025, $500,000 by 2029, and $1 million by 2033. Crypto analyst Kevin Svenson offers a short-term analysis, suggesting Bitcoin could hit $90,000 under certain conditions, such as closing the week above the parabolic curve trend line.
Svenson explains that a significant rally could boost the price by approximately 42%, emphasizing the need to close above $67,000 to trigger this scenario. With Bitcoin hovering near its all-time high, just 13% – 14% away from setting a new record, Svenson believes the asset remains bullish and is poised to strengthen its parabolic trend with the formation of an exponential high low.
