Bitwise CIO Predicts Potential Trillion-Dollar Inflows into Bitcoin Spot ETFs
Hougan’s bullish prediction is based on Bitcoin’s impressive growth of nearly 300% over the past 15 months.
Btc price decreased to $309 after a flash crash on the bitcoin trading platform BTC-e.
Hougan’s bullish prediction is based on Bitcoin’s impressive growth of nearly 300% over the past 15 months.
Major institutional investors, such as BlackRock and ARK 21Shares, have invested $323 million and $200 million, respectively, signaling their confidence in BTC Exchange-Traded Funds (ETFs)
Santiment revealed that wallets holding between 10 and 10,000 BTC collectively accumulated 51,959 Bitcoin on Sunday alone.
According to Michaël van de Poppe, most of altcoins have reached the bottom level and are now stabilizing.
JPMorgan strategists expect further downside in Bitcoin price amid slowing inflows into spot Bitcoin ETFs. They believe that BTC is currently in the ‘overbought’ territory.
Despite the strong outflows from Bitcoin ETFs, Bitcoin price bounced back above $67,000 following the dovish stand by the Fed. Analysts remain hopeful before the Bitcoin halving next month.
Analysts are bullish for Bitcoin to hit new all-time highs, amid the strong bounce back, before the Bitcoin halving event 2024 in April.
Unlike previous halving events, which are usually accompanied by Bitcoin reaching a new all-time high, the crypto asset has already hit a new ATH this month ahead of the event.
With the Fed opting for a steady course, the immediate impact on Bitcoin and other cryptocurrencies was mixed, reflecting the complex interplay between macroeconomic policies and digital asset valuations.
Big market players continue to remain bullish on Bitcoin, while the world’s largest crypto faces strong selling pressure a day before the FOMC meeting.