empty
18.03.2024 06:41 PM
Bitcoin: ETF inflows reach new ATH

The cryptocurrency market is once again in a phase of strengthening after a very volatile weekend, during which the price of Bitcoin significantly dropped after reaching a new all-time high of $68,208.

Following a sharp decline to $64,528 on Sunday, the Bitcoin price forecast indicates a resumption of bullish pressure, confirmed by investors' willingness to buy on the dip.

ETF Inflow Volume Reaches a New All-Time High (ATH)

The net inflow volume of Bitcoin ETFs continues to grow as more institutional investors turn to new investment opportunities. SoSoValue data shows an impressive rise to $12.15 billion—the highest cumulative net inflow.

BlackRock's IBIT leads with the highest daily net inflow, amounting to $139 million on Friday. On the other hand, Grayscale's GBTC experiences the largest outflow of funds—$139 million. Other ETF operators also demonstrate active growth, including Fidelity's FBTC, with a net daily inflow volume of $155 million.

This image is no longer relevant

Major Crypto Companies Update BTC Forecasts

The current CEO of Binance, Richard Teng, who took office in November 2023, believes that the price of Bitcoin could potentially reach $80,000 by the end of the year.

Teng believes that "as supply continues to shrink and demand continues to grow," BTC will be trading in a bullish trend in 2024.

Bitcoin is among the select assets that have reached record highs since the beginning of the bullish trend in the fourth quarter of last year, especially in light of interest in Bitcoin ETFs. In addition to Binance, other companies also view Bitcoin and the entire market optimistically.

For example, Standard Chartered has revised its annual Bitcoin forecast to $150,000. Institutional investors, including family offices and charitable foundations, are expected to start allocating a portion of their portfolios to ETF purchases, which, in turn, will increase demand.

The Bitcoin halving is also an event that is likely to lead to rapid growth in Bitcoin to new highs. This event occurs once every four years. Halving controls coin inflation by halving the reward for miners per block.

Why Bitcoin Could Reach $70,000

Bitcoin is hovering slightly below the opening level of the previous day after strengthening above the $68,000 support level. Despite the sudden price drop over the past weekend, bulls managed to regain control, preventing an extremely bearish turning point in the market.

Based on the current technical structure, Bitcoin has the potential to rise above $70,000 this week and approach the all-time high.

Some of the key levels to watch for investors include immediate support at $68,000 and the 20-day exponential moving average (EMA), which is near $68,300.

Several four-hour candle closes above these two key levels will give bulls an advantage. On the other hand, a breakthrough above $70,000 could lead to a new wave of growth driven by FOMO, aiming to reach new all-time highs around $80,000.

If the price of Bitcoin closes below $68,000, the outlook may begin to lean towards selling, creating new uncertainty, especially considering expectations of recovery ahead of the upcoming halving event.

Other support areas below $68,000 to keep in mind include $66,000, $64,000, and the 200-day EMA, which is near $61,909.

Investment Products in Cryptocurrencies Reached a New Peak

Last week, they recorded a record weekly inflow of over $2.7 billion, reaching $2.9 billion. The inflow this week increased the total volume since the beginning of the year to $13.2 billion, surpassing the entire inflow in 2021 of $10.6 billion.

Transaction volumes are mainly concentrated in Bitcoin. Transaction volumes have maintained their record levels from the previous week, reaching $43 billion, which accounts for 47% of the total global Bitcoin volume. However, after price corrections over the weekend, the total value of global ETPs dropped to $97 billion.

At the regional level, inflows in the U.S. amounted to $2.95 billion, while outflows in other regions were less significant. Nevertheless, countries such as Canada, Germany, Sweden, and Switzerland recorded a total outflow of $78 million last week.

Bitcoin alone saw inflows of $2.86 billion just last week, accounting for 97% of all inflows since the beginning of the year. Additionally, short-term transactions with Bitcoin showed the largest inflow in a year for the fifth consecutive week, totaling $26 million.

Ekaterina Kiseleva,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Ekaterina Kiseleva
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Bitcoin outpaces Amazon in terms of market cap

Bitcoin has reached a new all-time high near $122,000, surpassing Amazon in market capitalization. This event is undoubtedly a landmark moment in the history of cryptocurrencies and traditional finance

Jakub Novak 10:52 2025-07-14 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 14

Bitcoin hit another all-time high above $122,000, continuing its winning streak. Ethereum has also strengthened and is trading above $3,000, but has not yet reached the all-time high. Bitcoin's rally

Miroslaw Bawulski 09:53 2025-07-14 UTC+2

Bitcoin Forecast for July 14, 2025

Bitcoin Bitcoin is showing extreme boldness amid the general market sentiment of risk aversion. However, if such sentiment continues, the upper limit of Bitcoin's growth also becomes visible — 125,190

Laurie Bailey 05:31 2025-07-14 UTC+2

Litecoin is attempting to test its nearest resistance level, Friday, July 11, 2025.

Litecoin, Friday, July 11, 2025. Litecoin managed to break through and close above its pivot level. Although there is potential for a correction, positive fundamental factors provide an opportunity

Arief Makmur 08:00 2025-07-11 UTC+2

Trading tips for crypto market on July 10 (North American session)

Bitcoin and Ethereum traded higher today during the European session, which indicates that yesterday's purchases were not a one-time event and that buyers are still active in the market. This

Miroslaw Bawulski 16:25 2025-07-10 UTC+2

Crypto market shows extremely low volatility

Bitcoin volatility has dropped to a historic low, while Bitcoin itself is trading within 2% of its all-time high. The lack of willingness to buy at current prices could become

Jakub Novak 13:46 2025-07-09 UTC+2

Crypto market resilient despite dollar volatility

BTC/USD is rising again today after yesterday's dip, overall maintaining its bullish momentum. Fundamentally, conditions continue to support BTC/USD growth in the medium term. The global economic and market landscape

Jurij Tolin 14:14 2025-07-08 UTC+2

Japan's digital bank by Metaplanet

While Bitcoin stubbornly refuses to decline, fueled by massive demand from ETF funds, the Japanese firm Metaplanet is planning to use its Bitcoin reserves to create the first digital bank

Jakub Novak 13:46 2025-07-08 UTC+2

Trading tips for crypto market on July 8

Both Bitcoin and Ethereum remain on a sound footing, poised to continue a bullish trend. As long as BTC continues trading above the $105,000 mark, the odds of further growth

Miroslaw Bawulski 12:16 2025-07-08 UTC+2

Clarity act on digital asset market gains support

Bitcoin and Ethereum have returned to the channels in which they spent most of last week. While Bitcoin has yet to break above the $109,000 mark, the prospects

Jakub Novak 11:00 2025-07-08 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.