Spot Bitcoin Exchange Traded Funds (ETFs) experienced a continuous outflow for five consecutive days after accumulating $4 billion in just 19 days.
Analysts predict that institutional investors will play a significant role in driving the price of Bitcoin to $200,000 by 2025.
The US-based spot Bitcoin (BTC) Exchange-Traded Funds (ETFs) extended its streak of outflows to five days, ending on Thursday (June 20), with a loss of over $900 million this week. According to data from SoSoValue, the 11 spot Bitcoin ETFs witnessed a staggering loss of $140 million on Thursday alone, with $1.1 billion in trading volumes. Grayscale’s GBTC, for example, experienced an outflow of $53 million, followed by Fidelity’s FBTC, which lost $51 million.
As reported, only BlackRock’s IBIT recorded a net inflow of $1 million, while the other products experienced zero net inflow or outflow activity. This outflow activity is the highest ever recorded since late April. From April 24 to May 2, a total net outflow of $1.2 billion was recorded. However, inflows took over after this period, with $4 billion recorded in the following 19 days.
A review of market activities on June 21 shows another net outflow, with the total net assets in Bitcoin ETFs standing at $55.5 billion. Since the launch of the ETFs on January 11, the products have recorded total net inflows of $14.56 billion, as reported by Crypto News Flash.
Despite the ongoing streak of outflows, analysts Gautam Chhugani and Maihka Sapra predict that Bitcoin ETFs will be approved by major warehouses and large private bank platforms in the third and fourth quarters of this year.
The analysts believe that Bitcoin ETF inflows will improve during this period, with the next stage of adoption driven by large advisers approving ETFs and allocation headroom from existing portfolios.
A closer look at our market data reveals that Bitcoin is struggling to maintain its position above the $64k zone after breaking this support level yesterday. At press time, BTC had marginally surged by 0.3% in the last 24 hours but had declined by 2% in the last seven days.
According to Investment Research firm Bernstein, the price could rebound and reach $200,000 by 2025, $500,000 by 2029, and $1 million by 2033.
Crypto analyst Kevin Svenson also provides a short-term analysis, envisioning Bitcoin hitting $90,000 under certain conditions. The first requirement is for the asset to finish the week above the parabolic curve trend line.
Svenson explains that a strong rally with engulfing candles could cause the price to rise by approximately 42%. He also expects the price to close the week above $67,000 to initiate this scenario. According to him, Bitcoin is close to its all-time high, and it is just 13%-14% away from setting a new record. This proximity suggests that the asset is still in a bullish trend and is positioned to strengthen the parabolic trend through the formation of an exponential high low.