Bitcoin Surges on $2.3 Billion ETF Inflow, Signaling Potential Price Increase
New York – Bitcoin is showing strong signs of a potential price surge following a massive $2.3 billion inflow into U.S. spot Bitcoin exchange-traded funds (ETFs) over the past five days,according to data from SoSoValue. Despite recent market volatility, analysts believe this influx demonstrates continued strong demand and suggests the current dip may not represent a cycle top.
The substantial investment comes as the market digests September’s fiscal year-end selling pressure, which brought increased volatility and short-term pain, according to market analyst Benjamin Dawson. However, Dawson believes “falling rates, institutional positioning, and bullish derivatives markets” indicate the recent pullback is unlikely to be the peak of the current cycle. He predicts Bitcoin will reach $140,000 by year-end, with a conservative cycle top of $200,000 and a potential climb to $250,000 if institutional investment continues.
Illia Otychenko, led analyst at crypto-trading platform CEX.IO, confirmed the ETF inflows “underscore the continued strong demand for Bitcoin.” Supporting this bullish sentiment, options data from Deribit reveals open interest is heavily concentrated around $140,000 to $200,000 strike prices for December expiry, with call options significantly outweighing put options.
Numerous industry figures have echoed these optimistic forecasts throughout the year. Arthur Hayes,founder of BitMEX,has predicted Bitcoin reaching $250,000 in 2024,while analysts at Bitwise,Bernstein,and Standard Chartered have projected a $200,000 price target. Coinbase CEO Brian Armstrong has offered an even bolder prediction, forecasting a $1 million Bitcoin by 2030, a sentiment shared by Eric Trump, executive at the Trump Association’s crypto ventures.
As of today,Bitcoin is trading at $115,100,down 0.8% over the past 24 hours. Ethereum is down 3.2% in the same period, trading at $4,520.
