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Contents Potential impact on Bitcoin prices Outshining traditional investments Eight Bitcoin exchange-traded funds (ETFs) have collectively added 13,460 BTC, amounting to approximately $701.8 million, to their holdings in a single day, as reported by on-chain data provider Lookonchain.  This move contrasts with the decrease in holdings by Grayscale, which reduced its BTC position by 2,555 BTC, valued at $133 million.  Leading the charge in this influx were iShares (Blackrock) and Fidelity, adding 6,380 BTC ($332.7M) and 3,228 BTC ($168M) respectively, showing growing confidence and interest in cryptocurrency from traditional financial institutions. Potential impact on Bitcoin prices According to CryptoQuant, a provider of on-chain data, the continuous inflow into spot Bitcoin ETFs could significantly influence Bitcoin’s price trajectory.  The analysis suggests that if the current buying pressure persists, Bitcoin’s price could potentially reach $112,000 this year.  The least optimistic scenario, as per CryptoQuant’s CEO Ki Young Ju, would see BTC at least hitting $55,000.  This optimistic forecast is based on the effect of ETF inflows on Bitcoin’s market capitalization and a specific ratio that historically indicates whether prices are over or undervalued. Outshining traditional investments Bitcoin ETFs are not just reshaping the cryptocurrency landscape; they are also making a profound impact on traditional investment benchmarks, notably outperforming gold. The net cumulative flows for the ten leading Bitcoin ETFs have doubled in the past three days to over $3 billion, a milestone that took gold ETFs nearly two years to achieve. This shift shows a growing preference among investors for digital currencies over traditional precious metals, with Bitcoin ETFs now considered a legitimate and increasingly popular asset class. The surge in Bitcoin ETF investments reflects a broader acceptance and enthusiasm for cryptocurrency, challenging gold’s long-standing status as a safe-haven asset. Source: https://u.today/bitcoin-etfs-see-major-influx-of-fresh-funds

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Filed under: News - @ February 18, 2024 2:54 am