Key Points
- Bitcoin is trading above $67,000 as BTC ETFs recorded $48.7 inflows yesterday.
- May 31 was the 14th consecutive day in which BTC ETFs saw inflows.
Bitcoin is trading above $67,000 as BTC ETFs recorded inflows for the 14th consecutive day.
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According to the latest reports from SoSoValue, BTC ETFs recorded $48.74 million in inflows on May 31.
Here are the inflows and outflows recorded by the crypto products the other day:
- BlackRock’s Bitcoin ETF, IBIT, saw $169 million in inflows.
- Fidelity’s Bitcoin ETF, FBTC, saw $6 million in inflows.
- Grayscale’s Bitcoin ETF, GBTC, saw outflows of $124 million.
- VanEck’s Bitcoin ETF, HODL, recorded outflows of $2 million.
The other Bitcoin ETFs did not see any outflows or inflows yesterday.
The total net asset value of the Bitcoin ETFs was almost $58 billion, according to the same data.
BlackRock’s Bitcoin ETF, IBIT remains the world’s largest BTC fund with $19.67 billion net assets as of May 31, according to SoSoValue data.
Bitcoin is surrounded by optimistic predicitons
Despite the fact that Biden vetoed the bill that would allow highly regulated financial firms to custody Bitcoin and crypto, BTC is still surrounded by optimistic predictions.
For instance, Peter Brandt, a seasoned trader recently made a bold prediction about the future of Bitcoin (BTC). He suggested that BTC could see a 230% surge against gold.
According to Brandt, the ratio of gold to BTC will experience fluctuations over the next 12 to 18 months. After this period, he predicted that it would climb to a new high of 100 oz. of gold per BTC.
Other predictions claim that Bitcoin could skyrocket by emulating Ethereum’s approach.
By adopting certain features from Ethereum, Bitcoin could potentially replicate the growth Ethereum experienced in 2017 and 2020. The key feature for consideration is interoperability.
Also, the programmability on the Bitcoin network could trigger a bright future for the coin. The recently discussed OP_CAT Bitcoin Proposal, expected to undergo review in 2025, could reinstate smart contract functionality on Bitcoin.
This would allow the creation of rules or conditions on how Bitcoin can be spent, opening the door to many development possibilities, including Layer 2s, Smart Contracts, and more.
