CandleFocus Bitcoin ETFs rebound, analyst sees institutional interest breaking September’s bearish trend
2024-09-14
Author: Content Editor
Spot Bitcoin ETFs experienced a surge in inflows, breaking a two-week outflow streak and bringing in over $403.8 million in weekly inflows. The increase in institutional interest is expected to help Bitcoin defy the historically bearish trend seen in September. Notably, spot Bitcoin ETFs recorded the largest single-day inflow since July, with Fidelity, ARK Invest, and 21Shares' funds accounting for more than half of the inflows. Analysts believe the presence of institutional investors could provide a more stable foundation for Bitcoin, reducing the likelihood of it dropping below the critical $50,000 level. This institutional interest has also spilled over into Bitcoin mining stocks as investors are driven by the approval of spot Bitcoin ETFs and increasing demand for AI-driven power infrastructure. The bullish sentiment is further supported by industry leaders suggesting that Bitcoin could reach price targets as high as $300,000 to $600,000 in this market cycle. At the time of writing, Bitcoin was trading above $59,650, up 9.7% over the past week.
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