Markets
Bitcoin is poised for a major move as market conditions stabilize
Bitcoin the markets went through a period of calm after months of significant distribution pressure.
While capital inflows have remained subdued, reduced selling activity and compressing volatility suggest a significant move may be imminent.
#Bitcoin markets experienced a cooling after several months of intense distribution pressure.
While capital inflows remain modest, the easing sell-side and compressing volatility suggest a bigger move could be on the horizon.
Find out more in the last week… pic.twitter.com/VudlMGElPr
— glassnode (@glassnode) May 21, 2024
Arthur Hayes, a leading voice in the crypto community, highlights the importance of the US dollar-yen exchange rate, which he believes is a key global economic variable.
He expects the rate of depreciation of the yen to 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 influx of funds into Bitcoin could push its price to $1 million or more.
Arthur Hayes points out that the dollar-yen exchange rate is the most important global economic variable and that the rate of depreciation of the yen will accelerate in the autumn. Bitcoin is the best performing asset in the face of the depreciation of global fiat currencies and…
— Wu Blockchain (@WuBlockchain) May 21, 2024
Standard Chartered analyst Geoff Kendrick adds optimism by predicting that the ETH SPOT ETF will be approved this week. Kendrick expects this approval to lead to inflows of between $15 billion and $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.
Standard Chartered analyst Geoff Kendrick expects the ETH SPOT ETF to be approved this week, leading to inflows of $15 billion to $45 billion in the first 12 months, the ETF could push ETH to $8,000 by the end of 2024. Bitcoin will reach $150,000 by the end of 2024.…
— Wu Blockchain (@WuBlockchain) May 21, 2024
Net inflows into Bitcoin ETFs continue to post radically positive records
On May 20, 2024, net inflows into Bitcoin ETFs totaled $237 million, marking six consecutive days of positive net inflows, indicating strong buying activity. Grayscale’s GBTC recorded its fourth consecutive day of inflows, albeit with lower volumes. The largest inflow of the day was recorded by ARK 21Shares (ARKB) with $68.3 million, followed closely by BlackRock (IBIT) with $66.4 million.
🚨 $BTC #ETF Net inflow May 20, 2024: +$237 million!
• Net inflows have been positive for 6 consecutive trading days (strong buying 🔥)
• #Greyscale (GBTC) recorded its 4th consecutive single-day inflow, although volume was low.
• The largest influx of the day was recorded by… pic.twitter.com/1r6v0mfKNV
— Spot on the chain (@spotonchain) May 21, 2024
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 early approval of the ETH SPOT ETF and the potential for substantial capital inflows further strengthen the positive outlook for the cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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