The Spot Bitcoin ETF market experienced a significant surge in inflows, surpassing the daily amount of BTC mined. Data suggests that Bitcoin could reach a price target of $108,000 in the coming months.
On Monday, spot Bitcoin Exchange-Traded Funds (ETFs) recorded inflows that were seven times greater than the daily supply of Bitcoin generated through mining. This milestone resulted in Bitcoin climbing to $72,000 after a 7% market rally.
According to data from Farside Investors, Bitcoin ETFs received a total of $237.2 million in inflows on May 20. ARK Investment’s ARKB led the group with $68.3 million, followed by BlackRock’s IBIT with $66.4 million, and Fidelity Investments’ FBTC with $64 million.
Grayscale’s GBTC also experienced inflows of $9.3 million, marking its fifth consecutive day of inflows after months of outflows. In contrast, GBTC had outflows of about $17.6 million.
Currently, the inflows into spot Bitcoin ETFs are six to seven times higher than the daily supply of BTC mined. On May 20, Bitcoin ETFs purchased around 3,400 BTC, while only 450 BTC were mined on the same day.
This contributed to a total of $235 million in Bitcoin ETF inflows in the US, equivalent to 3,518 BTC, compared to a weekly mining total of 3,150 BTC. It was also revealed that Hong Kong Bitcoin ETFs were net purchasers on Monday.
Institutional interest in Bitcoin has been on the rise, with nearly $932 million in inflows into Bitcoin investment products last week.
Bitcoin’s price has been consolidating between $60,000 and $70,000 for several weeks, allowing investors more time to buy before the pre-halving surge. However, increased investments in spot ETFs have pushed BTC above the $70,000 mark. As of now, BTC is trading at $70,901, showing a 6.2% increase in the past 24 hours. The market cap has also reached $1.4 trillion, and trading volume has risen by 130% to $52.9 billion.
Recent data from CryptoCon suggests that Bitcoin is on track to reach a price target of $149,000 by the end of 2024. This forecast is based on the Log Regression Curves, known for their accuracy in predicting cycle peaks. A more cautious estimate predicts that Bitcoin will reach $108,000 by the end of this year, matching the peak of the 2013 cycle. This aligns with projections from other top analysts.
Furthermore, Bitcoin developers believe that programmability could trigger the next bull run for BTC. The goal is to give Bitcoin features commonly associated with Ethereum, such as smart contracts.
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