1,901 Bitcoin (BTC) were added to exchange-traded funds (ETFs) in a single day, with no significant price jump observed. This surge in investor confidence resulted in a net inflow of $132 million worth of Bitcoin on June 7. The inflow trend has been consistent for the past 19 days, according to Julian Fahrer.
Among the ETFs, BlackRock received the highest inflow, adding 2,450 BTC valued at $169.2 million. Grayscale, on the other hand, experienced an outflow of 524 BTC worth $36.3 million, while Ark secured an inflow of 99 BTC worth $6.9 million.
Despite the substantial inflows indicating increased interest from investors, the price of Bitcoin actually dropped below $70,000 to $69,428.07, a decrease of 2.56%. This lack of price movement has sparked speculation within the cryptocurrency community.
Uncertainty surrounds the performance of Bitcoin, particularly due to its slow rise after the halving event. Some are concerned that a bearish session may be imminent. However, the inflows to ETFs suggest a different outcome.
Based on historical precedence, the lack of price movement despite significant inflows typically signals an incoming bullish run. The longer the price remains stagnant, the higher the potential for prices to skyrocket.
Industry leaders like Mike Novogratz, Robert Kiyosaki, and Tom Lee have made optimistic predictions about the future price of Bitcoin. Novogratz believes that Bitcoin could reach six digits before the end of the year, while Kiyosaki predicts a striking price of $350,000 by August.
It is interesting to note that analysts suggest Bitcoin’s price follows similar patterns after halving events, with past cycles showing significant price peaks.
If these price predictions turn out to be accurate, the substantial inflows and accumulations by BlackRock, Grayscale, and other investors would position them for significant profits when the price of Bitcoin soars.