Key Points
- Bitcoin ETFs saw total net inflows of over $45 million yesterday.
- BTC is trading above the $68k mark.
The latest reports from SoSoValue reveal that Bitcoin ETFs saw total net inflows of over $45 million on May 28. This was the 11th consecutive day in which the crypto products saw inflows.
Here are the inflows and outflows that Bitcoin ETFs saw yesterday:
- BlackRock's Bitcoin ETF, IBIT, saw inflows of $103 million.
- Fidelity's Bitcoin ETF, FBTC, recorded inflows of $34 million.
- Ark Invest and 21Shares' Bitcoin ETF, ARKB, saw inflows of $4 million.
- Bitwise's Bitcoin ETF, BITB, recorded net inflows of $3 million.
- Invesco and Galaxy Digital's Bitcoin ETF, BTCO, saw inflows of $3 million.
- Grayscale's Bitcoin ETF, GBTC, recorded outflows of $105 million.
The total net asset value of the Bitcoin ETFs was $58.4 billion, according to the same data.
There have recently been positive predictions regarding the ETF markets. A new report coming from Berenstein revealed an optimistic forecast, stating that Bitcoin and Ethereum ETFs are expected to grow to a $450 billion market.
Analysts Gautam Chhugani and Mahika Sapra believe that this would mean flows of over $100 billion over the next 18-24 months into crypto ETFs.
Last week, investment inflows into Bitcoin (BTC) surpassed $1 billion. This surge is primarily due to institutional and long-term investors expanding their exposure to Bitcoin ETFs.
BTC above $68k amidst optimistic predictions
Regarding the price of BTC today, at the moment of writing this article, the coin is trading above the important level of $68k. BTC is up by over 1% in the past 24 hours.
Bitcoin remains at the center of optimistic predictions. The other day, analysts at Berenstein predicted a cycle of $150,000 for Bitcoin, also saying that BTC could reach $90,000 by the end of 2024.
Matrixport also noted that we can expect June and July to be bullish months for Bitcoin with potential new ATHs coming this summer. They cited seasonality as a good predictor for BTC prices.
