- Bitcoin led the investment activity with over $1.97 billion in inflows, while Ether saw its best week since March with nearly $70 million in inflows.
- Some traders expect buying activity in ether-tracked products to continue, with expectations of the asset reaching the $10,000 price level in 2024.
As a seasoned crypto investor with a keen eye on market trends, I’m thrilled to see Bitcoin and Ether leading the investment activity in the past week. With over $1.97 billion inflows into Bitcoin and nearly $70 million into Ether, it’s an exciting time for the crypto community.
As a researcher studying the crypto market, I’ve discovered that investment products related to cryptocurrencies attracted approximately $2 billion in new inflows last week. This addition extends a five-week streak, bringing the total amount of inflows to over $4.3 billion, according to CoinShares’ latest report released on Monday.
The demand for purchasing Bitcoin exchange-traded funds (ETFs) in the United States has rebounded strongly since mid-May, following a sluggish period in April when there were no new investments and even withdrawals from prominent ETFs like BlackRock’s IBIT. Nevertheless, the recent trend shows a significant increase in inflows, with IBIT leading the way last week by attracting more than $20 billion in Bitcoin assets since its launch in January.
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“Surprisingly, there were inflows observed in nearly all investment providers, accompanied by a deceleration in outflows from established firms,” CoinShares analyst James Butterfill noted. “The favorable market conditions led to an increase in assets under management (AuM) surpassing the $100 billion threshold for the first time since March of this year.”
Some traders anticipate that investments into Ethereum-related products will persist in the upcoming months. They predict a surge in Ethereum’s price towards the end of the year.
As an analyst, I believe that setting a price target of $10,000 for Bitcoin by the year 2024 becomes a more realistic prospect when considering additional favorable elements, such as Ethereum’s current deflationary state.
In May, the SEC in the United States gave its approval to significant documentation relating to Ethereum Exchange Traded Funds (ETFs). This marks a significant achievement for Ethereum as the second largest cryptocurrency.
The regulatory body gave its green light to filing papers for eight Exchange-Traded Funds (ETFs) from VanEck, Fidelity, Franklin Templeton, Grayscale, Bitwise Asset Management, ARK Investment Management, 21Shares, Invesco, and BlackRock. These ETFs have been granted approval for trading on Nasdaq, NYSE Arca, and Cboe BZX exchanges.
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2024-06-10 12:40