Bitcoin exchange-traded funds (ETFs) in the United States experienced significant net outflows of over $226 million on Thursday, marking the third consecutive day of withdrawals. Fidelity’s FBTC recorded the highest outflow with $106 million withdrawn, while Grayscale’s GBTC and Ark Invest’s ARKB saw $62 million and $53 million taken out, respectively. BlackRock’s IBIT was the only ETF to record a net inflow, gaining $18 million. Valkyrie, Franklin Templeton, Hashdex, and WisdomTree’s ETFs showed no significant inflow or outflow activity. This trend mirrors the outflows at the end of April, with a total net outflow of $564 million over three days.
U.S.-listed Bitcoin ETFs experienced a mix of inflows and outflows throughout the week. Wednesday was the only day that registered a net inflow of $100 million into these products. This activity coincided with a volatile week for Bitcoin and the broader cryptocurrency market, centered around Wednesday’s pivotal U.S. inflation report and Federal Reserve meeting. The recent withdrawals have resulted in a total net outflow of $564 million from the Bitcoin ETFs over the span of three days, approximately half the amount withdrawn in the final six days of April, which totaled $1.2 billion. Bitcoin briefly surged to $70,000 from $68,000 in response to lower-than-expected U.S. inflation figures, before retreating below $67,000.
Analysts at Bernstein predict that Bitcoin has the potential to reach $1 million by 2033, with a projected cycle-high of $200,000 by 2025. The price forecast is based on the unprecedented demand from spot ETFs and the limited supply of the cryptocurrency. Analysts estimate that Bitcoin could reach $500,000 by 2029, with the 2025 estimate revised from $150,000. QCP Capital also expressed optimism regarding market sentiment, citing factors such as CPI results and a potentially bullish market outlook. The U.S. CPI for May remained flat, surprising economists and marking a decline from April’s growth. The core CPI, excluding food and energy costs, outperformed expectations, slightly below analyst forecasts and April’s reading. The soft inflation data is seen as favorable for Bitcoin after concerns about rising inflation had contributed to a decline in BTC prices.
In conclusion, Bitcoin exchange-traded funds (ETFs) listed in the United States experienced net outflows of over $226 million on Thursday, marking the third consecutive day of significant withdrawals. The recent withdrawals have resulted in a total net outflow of $564 million from the Bitcoin ETFs over the span of three days, approximately half the amount withdrawn in the final six days of April, which totaled $1.2 billion. Analysts predict that Bitcoin has the potential to reach $1 million by 2033, with a projected cycle-high of $200,000 by 2025, driven by unprecedented demand from spot ETFs and limited supply. Factors such as CPI results and a potentially bullish market outlook contribute to optimism regarding market sentiment and Bitcoin’s future price trajectory.
