Adam Back Predicts Trillions Flooding into Bitcoin ETFs—BlackRock to Lead the Charge!
The post Adam Back Predicts Trillions Flooding into Bitcoin ETFs—BlackRock to Lead the Charge! appeared first on Coinpedia Fintech News
On July 29, Bitcoin ETFs saw a notable inflow of $124.1 million, taking advantage of Bitcoin’s price dip to $66,000. BlackRock’s IBIT ETF was particularly successful, with a substantial $205.6 million inflow. This marked the largest inflow since July 22, bringing IBIT’s total net inflows to $19.9 billion.
In contrast, Grayscale’s GBTC ETF faced a $54.3 million outflow, increasing its total net outflows to $18.9 billion. Despite these outflows, the overall inflows into Bitcoin ETFs now total $17.7 billion.
US #ETF 29 JUL:
$124M to $BTC and
$98M to $ETH
BTC ETF UPDATE (final): +$124M
• The net flow remains positive for 4 consecutive days.
• Only #BlackRock (IBIT) saw an inflow yesterday!
• The net flow remains negative for the 4th… pic.twitter.com/KMCL0ggiX6
— Spot On Chain (@spotonchain) July 30, 2024
As the year goes on, Bitcoin ETF buyers in the cryptocurrency world might see a big boost. This prediction is based on the idea that a $5 trillion model portfolio will be invested in spot Bitcoin ETFs later this year, key players like BlackRock are expected to lead this charge, causing a ripple effect across the market.
BlackRock’s Bullish Stance on Bitcoin
Adam Back, CEO of Blockstream, recently mentioned on X that institutional investors with huge buying power are set to dominate the market. These Bitcoin ETF whales are likely to use a large part of their $5 trillion to buy and strengthen their Bitcoin positions.
BlackRock, with over $10 trillion in Assets Under Management (AUM), is one of the asset managers expected to lead this move. While areas like healthcare, technology, and AI are still attractive for investment, digital assets like Bitcoin are gaining more interest.
institutional ETF buying whale
school is coming. #bitcoin https://t.co/ovvw8yyDvs
— Adam Back (@adam3us) July 30, 2024
However, Larry Fink, BlackRock’s CEO, recently called Bitcoin a “portfolio diversifier” and compared it to gold. This view is supported by BlackRock’s recent $525 million investment in Bitcoin ETFs.
BTC To Reach $150K Soon
Market watchers predict that stakeholders may soon start consolidating their positions in preparation for the expected price increase. Meanwhile, PlanB the Creator of the bitcoin stock-to-flow (S2F) model mentioned that Bitcoin miner revenue has already reached its lowest point after the Bitcoin Halving 2024 event.
As a result, he doesn’t expect any more miner capitulation, which might reduce the selling pressure on Bitcoin prices.
PlanB also predicts that Bitcoin’s price will double by the end of 2024, aiming for $150,000. However, with the upcoming U.S. elections, he anticipates more volatility in Bitcoin prices.
Even though Bitcoin’s price recently dropped to $66,647 after almost reaching $70,000, analysts see this volatility as normal and believe a bullish run is coming soon.
