Bitcoin (BTC) Price Eyes $72,000 As 9 ETFs Bags $492M Inflow – Crypto News – Crypto News
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Bitcoin (BTC) Price May Soar To $79,600 If This Condition Is Met Bitcoin (BTC) Price May Soar To $79,600 If This Condition Is Met


Bitcoin (BTC) Price Eyes $72,000 As 9 ETFs Bags $492M Inflow – Crypto News



The Bitcoin (BTC) price seems poised to hit $72,000 as the leading digital asset experienced massive investment inflows today. Data from Lookonchain reveals that nine spot ETFs collectively gathered a net inflow of $492 million, stacking 6,907 BTC in the process.

Major Spot Bitcoin ETF Contributors: BlackRock and Fidelity

Notably, nine spot ETF entities collectively added 6,907 BTC, equivalent to $492.4 million. These inflows have elicited positive market sentiments in the broader cryptocurrency space, particularly among investors.

A critical view of the distribution reveals that Blackrock, one of the major contributors, added 2,186 BTC, amounting to $155.86 million, bringing its total holdings to 297,644 BTC, valued at $21.22 billion. On its part, Fidelity also saw substantial inflows, adding 3,104 BTC worth $221.3 million. With the addition, Fidelity’s total Bitcoin holdings now stand at 173,715 BTC, valued at $12.38 billion.

Fidelity has seen significant inflows prior to these current figures. Notable inflows occurred on June 5 when FBTC ETF received $200 million worth of inflows. The transaction saw its net inflows within a 48-hour period to almost $600 million.

Market watchers say the influx of capital into Bitcoin ETFs highlights the growing institutional interest and confidence in the digital asset. This is projected to set the stage for a potential surge to $72,000. However, as per CoinMarketCap data, Bitcoin price has dipped below the $71,500.00 level as it is currently trading at $71,230.90, down 0.56%.

Institutional Confidence and Bullish Bitcoin Price Predictions

Meanwhile, there is optimism in the broader market regarding Bitcoin price resurgence as investors, particularly institutional players have leaned heavily on the accumulation of the asset. The prevailing market sentiment is that Bitcoin may soon breach its record $73,837 level to set another all-time high. Many investors are targeting BTC’s all-time high shooting past $74,000.

The projection is pinned on three on-chain indicators namely Bitcoin whale reaccumulation, Bitcoin price NVT golden cross, and Bitcoin volatility index and adjusted market-value-to-realized-value ratio, MVRV. The current MVRV aligns well with a smooth progression towards a possible price surge.

Although the current price of Bitcoin is yet to hit its previous all-time high record, some analysts are still bullish on BTC. Notably, Robert Kiyosaki, the “Rich Dad Poor Dad” author, predicts Bitcoin will soar to $350,000 before the end of this year.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.