Bitcoin Tags $66K, ETFs Slurp Another $423M In Inflows: How High Can BTC Go?
Portfolio Pulse from Murtuza Merchant
Bitcoin surged above $66,000 before settling at $64,980, driven by renewed bullish sentiment and institutional interest. Ethereum also saw gains. Notable inflows into Bitcoin ETFs, including BlackRock's IBIT and Fidelity's FBTC, highlight sustained institutional confidence. The market absorbed significant sell-offs, including from the German state of Saxony, and remains cautious about the ongoing Mt. Gox Bitcoin repayments.
July 17, 2024 | 11:23 am
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POSITIVE IMPACT
Fidelity's Bitcoin ETF attracted $61.053 million in inflows, reflecting continued institutional interest in Bitcoin.
The inflow into Fidelity's FBTC ETF indicates sustained institutional interest, likely supporting the ETF's short-term performance.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 70
POSITIVE IMPACT
BlackRock's Bitcoin ETF saw a significant inflow of $260 million, indicating strong institutional confidence in Bitcoin.
The substantial inflow into BlackRock's IBIT ETF suggests strong institutional confidence, likely boosting the ETF's short-term performance.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 80