Spot Bitcoin ETFs experienced a total net inflow of $39.5 million on August 21, 2024. BlackRock’s IBIT was restricted to $8.4 million as Fidelity and Bitwise surpassed its performance with $10.7 million and $10 million, respectively.
The Spot Bitcoin ETF has experienced net inflows for the fifth consecutive day as of August 21, 2024. The most recent net outflows were recorded on August 14, 2024, totaling $81.4 million. GBTC continues to incur an outflow of $9.8 million.
Notably, Bitwise’s BITB has avoided a third consecutive day of net outflow. It banked $10 million of positive flows, but only after negatives of $25.7 million and $6.5 million on August 19 and August 20, 2024, applicable in the same order.
The total net flows have slightly decreased. This can be attributed to the decreased value of IBIT. It was previously $55.4 million, following $92.7 million. It was anticipated that BlackRock would at least reach half of its previous day’s performance. Its overall collection is over $20 billion, and it has also broken the $1 billion milestone for Spot Ether ETF.
Bitcoin tokens’ price movements range between $57,000 and $62,000. This is evident from the fact that it is exchanging hands at $60,782.92, up by 1.81% in the last 24 hours, at the time of writing this article. Surges are crucial at the moment, considering there was a massive decline in the token value due to the market crash. BTC touched the base at just above $49,000. Even though the stay was brief, another crash is possible at any time.
For now, movements within the range reflect stability, something that the crypto community craves.
Near-term projections of bitcoin are bullish. The token is likely to surge to $71,790 in the next 5 days and $84,392 in the next 30 days. The monthly jump, if it happens, will be 37.68% from the current value. Prevailing sentiments are neutral, and volatility is 6.61%.
Inflows into the Spot Bitcoin ETF will next be determined by the announcement of the Federal Reserve, wherein it will be clarified how much relief investors have received after months of struggles. The Federal Reserve will likely slash rates by 25 bps. There was a suggestion to reduce it by 50 bps, but it was merely intended to rule out the possibility. Simply put, Spot Bitcoin ETFs may see larger inflows in the times to come, especially when the Federal Reserve clarifies its decision on rate cuts.
According to Bitcoin price predictions, the price will primarily be impacted by an upswing in bookings. Bitcoin tokens are poised to see growth in their values when the flow into Spot Bitcoin ETFs rises.
It remains to be seen if the consistent inflows into the Spot Bitcoin ETF continue into the following day.