Bitcoin markets have seen a period of calm following months of significant distribution pressure.
While capital inflows have remained modest, the reduction in sell-side activity and compression of volatility suggest that a significant move could be imminent.
#Bitcoin markets have experienced a cool down after several months of intense distribution pressure.
Whilst capital inflows remain modest, the lightening of sell-side, and compression of volatility suggest a bigger move could be on the horizon.
Discover more in the latest Week… pic.twitter.com/VudlMGElPr
— glassnode (@glassnode) May 21, 2024
Arthur Hayes, a prominent voice in the crypto community, highlights the importance of the U.S. dollar-yen exchange rate, which he believes is a critical global economic variable.
He predicts that the rate of yen depreciation will accelerate in the autumn. In light of the depreciation of global fiat currencies, Hayes argues that Bitcoin stands out as the best-performing asset. He even suggests that the inflow of funds into Bitcoin could push its price to $1 million or higher.
Arthur Hayes points out that the U.S. dollar-yen exchange rate is the most important global economic variable, and the rate of yen depreciation will accelerate in the autumn. Bitcoin is the best-performing asset in the face of the depreciation of global fiat currencies, and the…
— Wu Blockchain (@WuBlockchain) May 21, 2024
Standard Chartered analyst Geoff Kendrick adds to the optimism by forecasting that the ETH SPOT ETF will be approved this week. Kendrick expects this approval to lead to inflows of $15 billion to $45 billion in the first 12 months, potentially pushing ETH to $8,000 by the end of 2024. He also predicts that Bitcoin will reach $150,000 by the end of 2024.
Standard Chartered analyst Geoff Kendrick expects the ETH SPOT ETF to be approved this week, leading to inflows of $15 billion to $45 billion in the first 12 months, ETF could push ETH to $8,000 by the end of 2024. Bitcoin will reach $150,000 by the end of 2024.…
— Wu Blockchain (@WuBlockchain) May 21, 2024
Bitcoin ETF Net Inflow Continues Radical Positive Records
On May 20, 2024, Bitcoin ETF net inflows summed up to $237 million, marking six consecutive days of positive net inflows, indicating strong buying activity. Grayscale’s GBTC saw its fourth consecutive day of inflows, albeit with smaller volumes. The highest inflow of the day was recorded by ARK 21Shares (ARKB) with $68.3 million, closely followed by BlackRock (IBIT) with $66.4 million.
🚨 $BTC #ETF Net Inflow May 20, 2024: +$237M!
• The net inflow has been positive for 6 consecutive trading days (strong buying 🔥)
• #Grayscale (GBTC) experienced the 4th single-day inflow in a row, although the volume was small.
• The highest inflow of the day belonged to… pic.twitter.com/1r6v0mfKNV
— Spot On Chain (@spotonchain) May 21, 2024
This consistent inflow of funds into Bitcoin ETFs suggests growing investor confidence and interest. As market conditions stabilize and key economic factors align, Bitcoin and other cryptocurrencies appear poised for significant gains in the coming months.
The anticipated approval of the ETH SPOT ETF and the potential for substantial capital inflows further bolster the positive outlook for the crypto market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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