In the cryptocurrency investment world, Bitcoin exchange-traded funds (ETFs) have hit new record highs, surpassing even the most positive of expectations. Thomas, the Co-founder of the Bitcoin tracking platform Apollo, took to Twitter to announce the staggering surge in net inflows, revealing that in just four days, more capital had poured into Bitcoin ETFs than in the initial four weeks of trading.
Investors injected an unbelievable 43k BTC into the market during this recent four-day window, signaling an astonishing upsurge in investor interest, compared to about 42k BTC that went into these ETFs for the first twenty days of trading.
While Bitcoin ETFs were in an explosion, the traditional gold-tracking ETFs were experiencing an exact opposite fate. Eric Balchunas, a Bloomberg intelligence analyst, pointed to outflows from gold ETFs this year that ran into the billions of dollars.
Meanwhile it’s a pretty bad scene right now in the gold ETFs category… via @SirYappityyapp in our just published weekly flow note pic.twitter.com/C0T17JZpiA
— Eric Balchunas (@EricBalchunas) February 14, 2024
The 14 leading gold ETFs have witnessed a combined outflow of $2.4 billion thus far in the year. Balchunas emphasized the concerning trend, suggesting that the outflows might not necessarily signify a migration towards Bitcoin ETFs but rather a manifestation of fervent enthusiasm for U.S. equities amidst favorable economic data.
The investment trends continue to surge, backed up by an interesting revelation in a report by CryptoQuant, which poured more optimism on BTC. The report estimated that more than 75% of new investments in Bitcoin are originated from ETFs, propelling these instruments to account for 2% of the total historical investment in BTC within just a month, as measured by the realized market capitalization. Such data underscores the growing mainstream acceptance and adoption of BTC as a legitimate investment asset.
Bold Predictions for Bitcoin’s Future
In the midst of all this exuberance, industry experts and analysts are making quite daring future predictions for Bitcoin. Thomas, given the prevailing momentum in the market, predicts the beginning of a “market buy season” and a future where Bitcoin at $1,000,000 is not just possible but a necessity.
We're in market buy season now.
When #Bitcoin hits $1,000,000, there will still be people waiting to buy at $37,000. Don't be that guy.
— Thomas | heyapollo.com (@thomas_fahrer) February 15, 2024
Similarly, CryptoQuant echoed this bullish sentiment, tweeting about two potential paths for BTC, both converging towards a staggering $150,000 valuation. The report delved into intricate on-chain data, highlighting indicators such as net unrealized profits and losses, Puell multiple, and BTC open interest to support its projections.
$BTC has two Paths. Both Lead to $150k
“I spent over 100 hours diving through on-chain data to find out. Here's what I found…” – By @onchain_edge
Full post 👇https://t.co/MZZS2f0iQD pic.twitter.com/UZBXneAtIt
— CryptoQuant.com (@cryptoquant_com) February 15, 2024
