Crypto News

Bitcoin Poised For A Major Move As Market Conditions Stabilize

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.

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.

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.

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.

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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