Spot Bitcoin ETFs experienced a significant surge in inflows, surpassing the daily supply of BTC generated through mining. This development has led experts to predict that Bitcoin could reach a price target of $108,000 in the coming months.
On Monday, Bitcoin ETFs received a total of $237.2 million in inflows, marking a major milestone for all eleven Bitcoin ETFs. Among the top performers were ARKB, with $68.3 million in inflows, followed by IBIT with $66.4 million, and FBTC with $64 million, all demonstrating strong investor interest. Additionally, GBTC, which had previously experienced outflows, saw inflows of $9.3 million for the fifth consecutive day.
Interestingly, the inflows into spot Bitcoin ETFs were six to seven times higher than the daily supply of BTC mined on May 20. Bitcoin ETFs purchased approximately 3,400 BTC, while only 450 BTC were mined on the same day. These figures contributed to the overall U.S. Bitcoin ETF inflows of $235 million, which translates to 3,518 BTC.
This surge in inflows reflects a growing institutional interest in Bitcoin, as evidenced by the nearly $932 million in inflows into Bitcoin investment products last week.
As a result of increased investments in spot ETFs, the price of Bitcoin has surpassed the $70,000 mark, currently trading at $70,901 with a 6.2% increase in the past 24 hours. The market cap has also risen to $1.4 trillion, and trading volume has increased by 130% to $52.9 billion.
In terms of future performance, data from CryptoCon suggests that Bitcoin could reach a price target of $108,000 by the end of this year. The forecast is based on Log Regression Curves, known for their accuracy in predicting cycle peaks. A more cautious estimate predicts a price target of $149,000 by the end of 2024, aligning with projections from other top analysts.
Furthermore, Bitcoin developers are exploring the integration of programmability to potentially fuel the next bull run for BTC. This project aims to give Bitcoin functionalities commonly associated with Ethereum, such as smart contracts.
Overall, the surge in Bitcoin ETF inflows and the positive price performance indicate a promising outlook for the cryptocurrency, with the potential for significant growth in the coming months.