Bitcoin ETF Triumph: Assets Reach $10 Billion Mark in Record Time.

With exchange-traded funds (ETFs) recently hitting an astounding $10 billion in assets under management in just 20 sessions, the price estimate for Bitcoin on Sunday is still optimistic. Data from BitMEX Research, which shows a strong $2.7 billion net flow into nine ETFs, supports this noteworthy accomplishment.

BlackRock’s IBIT fund is leading the way, holding an impressive $4 billion in Bitcoin. Not long behind, ARK 21Shares’ Bitcoin portfolio surpasses a billion-dollar valuation, while Fidelity’s FBTC accumulates over $3.4 billion.

Bitcoin ETF Triumph: Assets Reach $10 Billion Mark in Record Time.
Source: Analytics Insight
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In spite of these increases, $6.3 billion was taken out of Grayscale’s GBTC in the previous month alone, with the lowest daily withdrawal being on February 9. With this positive ETF momentum, a compelling issue in the discourse around Bitcoin price prediction is raised by these market dynamics: is a $100,000 Bitcoin value achievable in the next two months?

The Triumph of Bitcoin ETFs: $10 Billion AUM in 20 Sessions

fresh location In just 20 sessions after introduction, Bitcoin ETFs have already accumulated $fbillion in AUM.
Nine ETFs had an inflow of $2.7 billion on January 9, according to BitMEX Research. BlackRock’s IBIT fund secured $4 billion in Bitcoin, while Fidelity’s FBTC managed over $3.4 billion.
$1 billion in Bitcoin from ARK 21Shares allows it to join the billion-dollar club, while $6.3 billion in withdrawals from Grayscale’s GBTC are recorded, with the lowest amount occurring on February 9 at $51.8 million.

New BTC ETFs: $9.5B AUM, BlackRock’s IBIT Outperforms GBTC

Eric Balchunas of Bloomberg notes that despite GBTC’s withdrawals, the ETFs are getting stronger.
As trading businesses enhance their due diligence, there is a strong expectation for larger flows into Bitcoin ETFs.

The 200-day moving average (200-day MA) of bitcoin is at $29,902, while the on-chain mean is at $33,487. ARK Invest notes that the price of bitcoin has remained resilient, rising 0.6% to $42,585.

With a twenty-fold price rise over gold since 2017, ARK Invest positions Bitcoin as the new alternative to gold and predicts that this trend will continue.
Even with possible changes in bank deposits, Bitcoin is predicted to remain strong in the face of shifting economic conditions.
With the SEC’s approval of Bitcoin ETFs from many companies, the Winklevoss Bitcoin Trust application from 2013 has made headway.
Forecast for the Price of Bitcoin: Potential Gains

Examining the technical picture of Bitcoin, we can see that it has strong support around about $47,680, which is backed up by an ascending trend line that acts as the pivot point for Sunday. On the four-hour period, the appearance of a bullish engulfing candlestick indicates that traders are feeling quite positive. Bitcoin is in a position to maybe go beyond the $49,000 barrier with current momentum.

The majority of technical indicators, especially the 50-day exponential moving average, support a bullish view. It sustains the uptrend by staying above $44,440.

Moreover, important indicators such as the Relative Strength Index (RSI) are centred around 77, which supports the possibility of sustained bullish momentum.

On the other hand, if Bitcoin breaks below the crucial support level of $47,680, it can descend towards an instant cushion of $47,000. A breach of this level may cause more drops in the direction of the $46,600 or $45,550 benchmarks.

In conclusion, $47,680 is a critical milestone to keep an eye on. If this level is maintained above, it may indicate a positive turnaround in the direction of Bitcoin.

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