Bitcoin ETFs experienced a pre-market surge, with BITB, ARKB, GBTC, FBTC, and IBIT all showing gains. This upward trend occurred despite Federal Reserve Chair Jerome Powell stating the central bank won’t own Bitcoin. Bitcoin’s price remains above $100,000, fueled by optimism about pro-crypto policies. However, legislative proposals for a Bitcoin reserve might face opposition from the Fed.
CoinShares CEO Jean-Marie Mognetti anticipates a positive impact on Bitcoin and other cryptocurrencies under President-elect Trump’s administration, citing substantial ETF inflows and a potential policy shift towards greater regulatory support. This optimism is shared by other market leaders, suggesting increased investment in digital assets.
Bitcoin and Ethereum spot ETFs saw massive inflows on Dec. 16, with BlackRock’s ETFs leading the surge. This reflects strong institutional confidence in the crypto market’s bullish outlook, driven by Bitcoin’s new all-time high, speculation of a US Bitcoin reserve, and expected Fed rate cuts. Analysts predict further growth for Bitcoin and Ethereum, potentially triggering an altcoin season.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) options trading volume surpassed $1 billion on its first day, indicating significant bullish sentiment in the Bitcoin market. This record-breaking volume, primarily driven by call options, suggests a surge in investor confidence and highlights the potential for exponential growth in Bitcoin-linked financial products.
Cryptocurrency trader Michaël van de Poppe predicts a potential surge for Bitcoin, forecasting a possible price jump to $80,000 this month. This surge is attributed to record-breaking inflows into Bitcoin ETFs, fueled by the victory of pro-crypto candidate Donald Trump in the recent US presidential election.
Bitwise Chief Investment Officer Matt Hougan sees a bright future for Bitcoin, predicting it will surpass $100,000 by 2025. He attributes this bullish outlook to rising institutional adoption, increasing ETF flows, and the growing mainstream acceptance of cryptocurrency. Hougan highlights the importance of regulatory clarity, with Bitcoin enjoying a more favorable position compared to other digital assets. He also emphasizes the role of institutions like BlackRock in driving Bitcoin’s mainstream adoption.
Bitcoin could be poised to reach its previous peak of $73,800, fueled by factors like a steepening U.S. Treasury yield curve, growing interest in Bitcoin spot ETFs, and increased institutional activity. Moreover, a potential Donald Trump victory in the upcoming U.S. election could significantly impact the cryptocurrency’s momentum.
Cathie Wood’s Ark Invest made significant trades on Monday, buying shares in PayPal and Pinterest while selling its stake in the ARK 21Shares Bitcoin ETF. These moves come amidst mixed sentiments about PayPal’s future and Pinterest’s growth, while Bitcoin’s value saw a surge before experiencing a slight decline. Ark Invest also made other key trades across its various ETFs.
Bloomberg ETF analysts discuss the performance of Bitcoin and Ethereum ETFs, highlighting the strong inflows for Bitcoin ETFs and the challenges faced by Ethereum ETFs. They also address the withdrawal of Solana ETF applications and the broader ETF market trends.
Following last Friday’s halving event, Bitcoin’s price has seen a significant increase, driven by increasing net inflows into Bitcoin spot ETFs. Data from Soso Value reveals that total net inflow on Monday, April 22, reached $62.0899 million, with notable contributions from Fidelity’s FBTC ($34.8334 million), Ark Investment’s ARKB ($22.56 million), and BlackRock’s IBIT ($19.65 million). Amidst these inflows, Grayscale’s GBTC recorded a net outflow of $34.993 million on the same day. The positive sentiment surrounding ETF inflows pushed Bitcoin’s price up 2.89% on Monday, surpassing resistance at $64,511 and reaching a daily high of $67,241. At the time of writing, Bitcoin trades around $66,429.
