Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Institutional Investors Pour $942 Million Into Bitcoin, Will This Trigger A Rally To $80,000?

Share This Post

Institutional investors are doubling their bets on Bitcoin, with investment funds related to the flagship crypto recording massive inflows last week. This development signals a bullish sentiment among these investors which could trigger a Bitcoin rally to $80,000. 

Bitcoin Investment Funds Record $942 Million In Inflows

According to CoinShares’ latest weekly report, Bitcoin investment products recorded a net inflow of $942 million. These inflows are said to have been “an immediate response to the lower-than-expected CPI report on Wednesday,” with 89% of the total flows coming in the latter three trading days of last week. 

The Consumer Price Index (CPI) inflation data, which came in lower than expected, is believed to have restored investors’ confidence in the market. The data showed that inflation in the US may be slowing, raising the prospect of the Federal Reserve cutting interest rates. Lower interest rates are good for the crypto market since they will make investors more willing to invest in risk assets like Bitcoin

The US accounted for most of the inflows into BTC, with $1 billion flowing into US Spot Bitcoin ETFs last week. Grayscale’s Bitcoin Trust (GBTC), which has recorded over $16 billion in outflows since the ETF approval in January, also saw inflows (for the first time) of $18 million last week. 

This trend of significant inflows into these Spot Bitcoin ETFs likely continues this week. Farside investors revealed in an X (formerly Twitter) post that these funds recorded a net inflow of $237.2 million on May 20. Interestingly, none of these Spot Bitcoin ETFs saw outflows on the day, with GBTC recording an inflow of $9.3 million. 

It is also worth noting that while BTC saw inflows of $942 million, there were almost no flows into short Bitcoin, with CoinShares noting that this implies a positive outlook amongst investors. Altcoins like Solana, Chainlink, and Cardano also recorded considerable inflows, with $4.9 million, $3.7 million, and $1.9 million flowing into these crypto tokens, respectively. 

BTC’s Bull Run Might Be Back On

With the Spot Bitcoin ETFs again seeing impressive demand and recording significant inflows, there is a feeling that Bitcoin’s bull run might be in full force. These investment funds were known to have contributed significantly to the flagship crypto’s hitting a new all-time high (ATH) of $73,750 in March. 

Therefore, these funds could again spark another rally for Bitcoin, sending it to $80,000 and beyond. Besides the Spot Bitcoin ETFs, other factors contribute to a bullish continuation for BTC. One is the macroeconomic data, which shows that the economic situation in the US could be improving. 

Meanwhile, from a technical analysis perspective, the worst looks over for Bitcoin with crypto analyst Rekt Capital, revealing that the crypto token has left the post-halving danger zone. 

Bitcoin price chart from Tradingview.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Ripple Submits New Letter To SEC’s Crypto Task Force — Here’s Why

Ripple Labs has fired a fresh legal volley in Washington, dispatching a 4-page memorandum to the US Securities and Exchange Commission’s Crypto Task Force on 27 May Chief legal officer Stuart

Metaplanet Announces Issuance of $50 Million in Ordinary Bonds for More Bitcoin Acquisition

Metaplanet Inc (Tokyo Stock Exchange: 3350 / OTCQX: MTPLF), a publicly listed bitcoin treasury company based in Japan, has announced the issuance of its 16th Series of Ordinary Bonds, totaling $50

XRP Bull Flag Targets $18: Analyst Sees 70% Chance Of Breakout

Independent market technician EGRAG CRYPTO posted an updated weekly XRP/USD chart on X The visual, built on Bitfinex data, frames the entire post-July 2024 advance by XRP as the flag-pole of a

El Salvador continues to resists IMF pressure to halt Bitcoin accumulation

The International Monetary Fund (IMF) has again called on El Salvador to keep its Bitcoin holdings unchanged In a statement released on May 27, the IMF said government-owned wallets must not increase

Ripple donates ‘Skull of Satoshi’ sculpture to foster unity with Bitcoin community

Ripple has donated the controversial “Skull of Satoshi” sculpture to the Bitcoin community in a symbolic move to foster cross-chain unity The donation was made during the Bitcoin

Square To Accept Bitcoin By 2026—Jack Dorsey’s Crypto Dream Lives On

Jack Dorsey’s financial services company Block is set to let shops take bitcoin right at the cash register It’s a new twist on how you pay, and it might change small businesses’ options Related
You have not selected any currencies to display