Bitcoin ETFs Attract Billions Amid Price Dip
bitcoin prices remain strong above $105,000 on Saturday, with ETF data revealing big buys on Friday. The digital currency gained 2.4% from its Friday low.
According to SoSoValue data, spot Bitcoin ETFs attracted $301 million on Friday, despite a nearly $100,000 price drop. This pushed weekly inflows to $1.3 billion, reversing previous outflows. BlackRock’s iShares Bitcoin ETF (IBIT) alone saw $238 million in daily inflows, now holding $70 billion in assets, making it financial history’s fastest-growing ETF.
With $103 billion in assets, the SPDR Gold Trust, established in 2004, could lose its top spot to IBIT if trends continue. Fidelity’s FBTC and Bitwise’s BITB ETFs have also seen important inflows of $11 billion and $2 billion respectively.
Wall Street’s interest in Bitcoin may stem from its solid fundamentals. After major geopolitical events like the Iran-Israel attacks, BlackRock data shows Bitcoin outperforms the stock market.
Bitcoin exchange supply has fallen from 1.5 million to 1.1 million,boosting prices in the long term.
The monthly chart shows a strong breakout possibility. Since november 2021, Bitcoin has been forming another rounded bottom. It’s slightly below the ascending trendline, hinting at breaking an eight-year trendline soon.
Ark Invest predicts Bitcoin could hit $2.4 million by 2030, while Michael Saylor forecasts $1 million in the medium term.
