As a seasoned crypto investor with several years of experience under my belt, I’ve seen the ups and downs of this volatile market. I’ve witnessed the birth of Bitcoin ETFs in the US, and I’ve closely monitored their impact on the market.
On July 15th, US Bitcoin exchange-traded funds (ETFs) experienced a net investment of $301 million in a single day. This marked their seventh straight day of growth, coinciding with the broader market’s recovery.
None of the ETFs recorded outflows for the day.
Bitcoin ETFs Rake in $16.11B in Net Inflows Since Jan
As an analyst examining the latest data from SoSoValue, I can report that BlackRock’s IBIT, the leading Bitcoin ETF based on net asset value, saw the largest inflows of the day, totaling $117.25 million. Furthermore, IBIT was the most traded Bitcoin ETF on Monday with a volume of $1.24 billion. Ark Invest and 21Shares’ ARKB followed closely behind with net inflows of $117.19 million.
On Monday, Fidelity’s FBTC fund attracted $36.15 million in investments, while Bitwise’s BITB saw $15.24 million in new inflows. Additionally, HODL from VanEck, Invesco’s BTCO, and Galaxy Digital’s BTCO, as well as Franklin Templeton’s EZBC, reported net inflows for the day. Conversely, Grayscale’s GBTC and other ETFs including Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI, did not experience any net flows during this period.
As a researcher studying the market trends of these particular ETFs, I’ve observed that a total of $2.26 billion worth of shares were traded on Monday. However, it’s important to note that the trading volume from Monday was significantly lower than what we saw in March. During certain days in March, the trading volume surpassed the $8 billion mark. Additionally, since their launch in January, these funds have collectively drawn in a substantial net inflow of approximately $16.11 billion.
What’s Next For Bitcoin?
As a researcher studying the cryptocurrency market, I’ve discovered that the primary reason for Bitcoin’s price drop earlier this month can be attributed to two significant factors: firstly, apprehensions over potential large-scale selling from Mt. Gox; secondly, concerns stemming from the German government’s plans to sell its Bitcoins.
The unsuccessful assassination attempt against the pro-crypto ex-US President and potential Republican nominee Donald Trump during his rally on Saturday appeared to rejuvenate the market for Bitcoin. Industry professionals are optimistic about the cryptocurrency’s future price trend. In just the past week, Bitcoin experienced a notable increase of over 9%, currently hovering around $64,000.
Expert trader Peter Brandt shared his perspective on bitcoin’s future price movement, predicting a potential significant surge based on a specific pattern he calls the “Hump-Slump-Bump-Dump-Pump.” He noted that the failed double top attempt on July 5 was actually a false signal, as proven by the July 13 closing price. Despite this optimistic outlook, Brandt cautioned that if the price falls below $56,000, his bullish perspective could be invalidated.
Bitcoin’s price chart of $BTC might be repeating its typical pattern of rising then falling, only to rise again (Hump-Slump-Bump-Dump-Pump). The unsuccessful attempt to form a double top on July 5 was actually a trap for bearish investors, as confirmed by the close on July 13. It’s most likely that bears have been caught off guard and are now in a difficult position. A closing price below $56k would challenge this interpretation.
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2024-07-16 15:50