Bitcoin Traders Target $64K as BlackRock ETF Nears $500M in Single-Day Inflow

Excluding Grayscale's Bitcoin Trust, the bitcoin exchange-traded funds have accumulated over $11 billion worth of BTC a month after going live.

AccessTimeIconFeb 14, 2024 at 9:22 a.m. UTC
Updated Mar 8, 2024 at 9:30 p.m. UTC
  • Demand for bitcoin ETFs continues to grow as outflows from Grayscale decrease, while inflows for BlackRock’s IBIT increase.
  • Some traders, who previously predicted a sell-off following the ETF introductions, now forecast a BTC price of $64,000, citing technical analysis.

Inflows into popular spot bitcoin (BTC) exchange-traded fund (ETF) products show no signs of slowing, with nearly $630 million added on Tuesday across all products.

BlackRock’s IBIT took the lion's share, adding nearly $500 million, data shows, and retaining its position as the leading provider across the 11 ETFs.

Excluding Grayscale's Bitcoin Trust (GBTC), the ETFs have accumulated over $11 billion worth of the largest cryptocurrency by market cap. Outflows from GBTC appear to have gradually eased, reducing selling pressure according to some analysts and buoying bullish sentiment.

The bitcoin price rose above $51,000 in early European hours on Wednesday, up 2% in the past 24 hours. The CD20 Index gained 0.8%.

Some traders are forecasting a jump to $64,000 in the short term, citing technical analysis and buying demand from institutional investors.

“We are formally seeing the beginning of the Fibonacci pattern, the target of which looks to be the $63.7K area,” Alex Kuptsikevich, the FxPro senior market analyst, said in an email to CoinDesk. “This is close to historical highs and is unlikely to be the end of the global rally, although a significant shakeout is expected.”

The Fibonacci trading strategy is a controversial method of analyzing and making trades based on the Fibonacci sequence to determine entry and exit points for trades of all time frames.

It’s not only technical chartists vying for the $65,000 level: Options traders have scooped up bullish bets on bitcoin crossing its lifetime peak of $69,000 in the coming months, with some options bets targeting as high as $75,000.

Edited by Sheldon Reback.


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Shaurya Malwa

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