Bitcoin ETFs hit $3.38b weekly inflows, VanEck analysts eye $180k

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As a seasoned crypto investor with a decade of experience under my belt, I’ve seen the ebb and flow of this dynamic market. The recent surge in demand for spot Bitcoin ETFs is reminiscent of the gold rush days, but with a digital twist. The inflows reaching an all-time high of $3.38 billion in a single week is a testament to the growing interest in Bitcoin as a mainstream investment.

Interest in Bitcoin spot exchange-traded funds (ETFs) has reached record highs since their introduction, with an impressive inflow of approximately $3.38 billion recorded this week. Experts predict that the pace will accelerate further when Bitcoin exceeds the $100,000 mark.

Over a span of five consecutive days, the Bitcoin Spot ETFs’ overall net worth surpassed $107.488 billion for the first time, fueled by optimism about a more favorable regulatory climate under President-elect Donald Trump.

Last week, I noticed a significant surge in investments on November 21st, amounting to a billion dollars. Interestingly, this influx happened around the same time that SEC Chair Gary Gensler announced his departure, signaling the end of a period known for its unfavorable stance towards cryptocurrencies.

On November 21st, the single biggest deposits amounting to a billion dollars were made – this was the day when SEC Chairman Gary Gensler, who is recognized for his firm stance on cryptocurrency, announced his resignation effective from January 20th.

On the heels of recent news, Bitcoin (BTC) surged to a record peak of $99,800, falling just short of breaking the significant $100,000 barrier. This surge was observed less than a day following the announcement, but investments into the top 12 Bitcoin ETF offerings dropped to $490.35 million on Friday, as per data from SoSoValue.

Weekly inflows managed to hit an all-time high of $3.38 billion.

Today, it was BlackRock’s IBIT that dominated the scene, attracting approximately $513.2 million, while just six out of the twelve funds experienced an inflow of capital.

Inflows into other funds were as follows:

  • Fidelity’s FBTC: $21.71 million.
  • Valkyrie’s BRRR: $6.19 million.
  • Grayscale’s Bitcoin mini trust: $5.72 million.
  • VanEck’s HODL: $5.62 million.
  • Invesco’s BTCO: $4.96 million.

Among all the available offerings, Grayscale’s GBTC stood out as the one with the highest fees and experienced a significant outflow of approximately $67.05 million. In contrast, the rest of the funds did not register any inflows or outflows.

Even though there was a drop in investments towards the end of the week, financial experts still hold a positive view that the general interest in ETFs is robust.

Kadan Stadelmann, an early Bitcoin investor and the chief technology officer at Komodo, attributes the recent increase in interest to two main factors:

The momentum of Bitcoin (BTC) is anticipated to soar even more if it surpasses $100,000, as suggested by Georgii Verbitskii, founder of TYMIO. In an interview with crypto.news, he expressed his belief that this significant milestone will spark increased interest from mainstream media and traders alike.

$100k is just the beginning

In writing, Bitcoin nearly reached the $100,000 mark, and certain financial experts predicted that this significant milestone might be attained even before the end of 2024.

I’m excitedly anticipating the potential surge of my crypto investments over the next 18 months, as analysts like Nathan Frankovitz and Matthew Sigel from VanEck predict prices reaching as high as $180,000. This prediction aligns with experts at Bernstein Research who have recently upgraded their 2025 year-end target for Bitcoin from $150,000 to an impressive $200,000. Here’s hoping my portfolio reflects these optimistic forecasts!

According to a recent statement by Frankovitz and Sigel, the current surge in Bitcoin’s price appears to be reminiscent of a pattern observed four years ago. In that period, Bitcoin doubled from the 2020 election until year-end, and then there was an additional increase of approximately 137% in 2021.

They added that the “next phase of the bull market is just beginning” with no technical price resistance in sight.

As government backing for Bitcoin evolves significantly, investor curiosity is surging at an increasing rate, with more inquiries coming our way. This surge indicates that many investors may not have enough exposure to this asset class. Although we keep a watchful eye for potential market overheating, we still stand by our prediction of $180k per BTC as the cycle price target. Various indicators we monitor continue to indicate a positive trend for this rally.

VanEck mid-November Bitcoin report

Analyst Ali Martinez proposed a comparable viewpoint on topic X, likening it to past trends. He speculated that Bitcoin might reach $108,000 in the near future and potentially surge to $135,000 by the end of this year. Here’s more information below.

Based on current trends, Bitcoin seems strikingly similar to how it appeared in late December 2020. Even the Relative Strength Index (RSI) is almost a mirror image. If this pattern holds true, we might expect Bitcoin to rise towards $108,000, dip down to around $99,000, and then surge up to approximately $135,000!

— Ali (@ali_charts) November 20, 2024

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2024-11-23 16:12