By crypto.news | Created at 2024-11-17 03:59:02 | Updated at 2024-11-18 05:45:42
1 day ago
Spot Bitcoin exchange-traded funds recorded two consecutive outflow days as the top cryptocurrency corrected almost 3% after the U.S. Federal Reserve hinted that further interest rate cuts might not be coming.
After three consecutive inflow days bringing in over 2.43 billion between Nov. 11 and Nov. 13, the weekly inflows were offset by two consecutive outflow days.
On Nov. 14, Bitcoin ETF products saw their third-largest outflow since launch, with approximately $400.7 million withdrawn. Outflows eased the following day as BTC rebounded from support near $87,500, with $239.6 million exiting the funds, according to data from Farside Investors.
BlackRock’s IBIT was the only fund to record inflows on Nov. 15, as it continued its seven-day inflow streak, bringing in $130.4 million. Outflows came from:
- Fidelity’s FBTC: $175.1 million
- ARK and 21Shares’ ARKB: $108.6
- Grayscale’s Bitcoin Mini Trust: $47 million
- Grayscale’s GBTC: $22.5 million
- VanEck’s HODL: 7.7 million
- Bitwise’s BITB: 7.4
- Valkyrie’s BRRR: $1.7 million.
The other three ETF offerings saw no flows on the day.
BTC set for $100,000
Bitcoin’s drop to a weekly low of $86,572, along with Federal Reserve Chair Jerome Powell’s Nov. 14 speech in Dallas. Powell stated there’s no urgency to lower rates, which seems to have driven the ETF outflows. However, this hasn’t dampened the broader market’s optimism.
Prominent Bitcoin advocates such as Michael Saylor and Matthew Sigel, along with the larger crypto community, remain optimistic about BTC’s trajectory, predicting it could reach $100,000 by year-end—or potentially climb even higher.
As reported by crypto.news, Saylor anticipates Bitcoin hitting $100,000 before the end of 2024, attributing this outlook to Donald Trump’s victory in the U.S. elections, which he described as the “biggest event for Bitcoin in the past four years.”
Polymarket bettors are also highly bullish on Bitcoin, with a poll suggesting a 65% chance of BTC reaching $100,000 before New Year’s Eve.
On X, pseudonymous trader Crypto Eagles told his 99,000+ followers that Bitcoin has broken out of a multi-year inverse head and shoulders pattern — a bullish structure often preceding upward rallies — setting the stage for a potential climb to six figures.
$BTC has broken out of the inverse head and shoulders pattern on the weekly timeframe with substantial volume, signaling robust bullish momentum.
If this bullish momentum persists, Bitcoin could surpass the coveted $100k mark, ushering in a new phase of price discovery and… pic.twitter.com/pVeJRdv0Kt
Analyst Rekt Capital, whose commentary previously suggested BTC price targets in the range of $120,000 to $160,000, said in a Nov. 16 post that Bitcoin has only just entered its parabolic phase, which historically lasts around 300 days. With the current cycle only 11 days in, there’s a lot of room for further growth from current levels.
#BTC has only just begun its Parabolic Phase in the cycle
Historically, this phase has lasted on average ~300 days
Bitcoin is only on Day 11 of its Parabolic Phase$BTC #Crypto #Bitcoin
At the time of writing, Bitcoin (BTC) was trading above $90,900, up 1.3% in the past 24 hours, while IntoTheBlock’s market sentiment indicator signaled a mostly bullish outlook.
