Spot Bitcoin Exchange Traded Funds (ETFs) have experienced a continuous outflow for five days straight, following an impressive accumulation of $4 billion in just 19 days.
According to analysts, institutional investors are expected to enter the market and drive the price of Bitcoin to reach $200,000 by 2025.
The US-based spot Bitcoin (BTC) Exchange-Traded Funds (ETFs) extended their streak of outflows, resulting in a loss of over $900 million this week. SoSoValue’s data reveals that the 11 spot Bitcoin ETFs suffered a staggering loss of $140 million on Thursday alone, with a total trading volume of $1.1 billion. Notably, Grayscale’s GBTC experienced an outflow of $53 million, closely followed by Fidelity’s FBTC, which lost $51 million.
The report discloses that only BlackRock’s IBIT recorded a net inflow of $1 million, while the other products experienced no net inflow or outflow activity. Based on our data, this outflow activity represents the worst recorded since late April. Between April 24 and May 2, there was a total net outflow of $1.2 billion. However, after this period, inflows took over, with a total of $4 billion recorded in the following 19 days.
Our analysis of market activities on June 21 indicates another net outflow, with the total net assets in Bitcoin ETFs currently standing at $55.5 billion. Since the launch of the ETFs on January 11, there have been total net inflows of $14.56 billion.
Amidst the ongoing streak of outflows, analysts Gautam Chhugani and Maihka Sapra predict that major warehouses and large private bank platforms will approve Bitcoin ETFs in the third and fourth quarters of this year.
According to the analysts, Bitcoin ETF inflows are expected to improve during this period, as the next stage of adoption will be driven by large advisers approving ETFs and making allocations from existing portfolios.
Looking at our market data, Bitcoin is currently struggling to maintain its position above the $64k zone, after breaking this support level yesterday. At the time of writing, BTC has experienced a marginal surge of 0.3% in the last 24 hours, but has declined by 2% in the last seven days.
Investment Research firm Bernstein suggests that the price of Bitcoin could rebound and reach $200,000 by 2025, $500,000 by 2029, and $1 million by 2033.
Crypto analyst Kevin Svenson also provides a short-term analysis, predicting that Bitcoin could reach $90,000 under certain conditions. The first requirement is for the asset to finish the week above the parabolic curve trend line.
Svenson explains that a significant rally with engulfing candles could potentially cause the price to rise by approximately 42%. Additionally, he expects the price to close the week above $67,000 to trigger this scenario. According to him, Bitcoin is close to its all-time high and is only 13% – 14% away from setting a new record. This proximity suggests that the asset is still in a bullish trend and has the potential to strengthen the parabolic trend through the formation of an exponential high low.