Bitcoin ETF outflows slow down, $100k BTC still in sight
The post Bitcoin ETF outflows slow down, $100k BTC still in sight appeared on BitcoinEthereumNews.com.
Spot Bitcoin exchange-traded funds recorded two consecutive outflow days as the top cryptocurrency corrected almost 3% after the U.S. Federal Reserve hinted that further interest rate cuts might not be coming. After three consecutive inflow days bringing in over 2.43 billion between Nov. 11 and Nov. 13, the weekly inflows were offset by two consecutive outflow days. On Nov. 14, Bitcoin ETF products saw their third-largest outflow since launch, with approximately $400.7 million withdrawn. Outflows eased the following day as BTC rebounded from support near $87,500, with $239.6 million exiting the funds, according to data from Farside Investors. BlackRock’s IBIT was the only fund to record inflows on Nov. 15, as it continued its seven-day inflow streak, bringing in $130.4 million. Outflows came from: Fidelity’s FBTC: $175.1 million ARK and 21Shares’ ARKB: $108.6 Grayscale’s Bitcoin Mini Trust: $47 million Grayscale’s GBTC: $22.5 million VanEck’s HODL: 7.7 million Bitwise’s BITB: 7.4 Valkyrie’s BRRR: $1.7 million. The other three ETF offerings saw no flows on the day. BTC set for $100,000 Bitcoin’s drop to a weekly low of $86,572, along with Federal Reserve Chair Jerome Powell’s Nov. 14 speech in Dallas. Powell stated there’s no urgency to lower rates, which seems to have driven the ETF outflows. However, this hasn’t dampened the broader market’s optimism. Prominent Bitcoin advocates such as Michael Saylor and Matthew Sigel, along with the larger crypto community, remain optimistic about BTC’s trajectory, predicting it could reach $100,000 by year-end—or potentially climb even higher. As reported by crypto.news, Saylor anticipates Bitcoin hitting $100,000 before the end of 2024, attributing this outlook to Donald Trump’s victory in the U.S. elections, which he described as the “biggest event for Bitcoin in the past four years.” Polymarket bettors are also highly bullish on Bitcoin, with a poll suggesting a 65% chance of…
Filed under: News - @ November 17, 2024 3:46 am