• Demand for Bitcoin ETFs continues to grow, with outflows from Grayscale decreasing while inflows to BlackRock’s IBIT increase.
• Traders who previously expected the ETF to fall after its launch have now raised their price target to $64,000, citing technical analysis.

The inflow of funds into the popular spot Bitcoin (BTC) exchange-traded fund (ETF) shows no signs of slowing down, and on February 13th, all products received approximately $630 million (approximately 94.5 billion yen, 1 dollar = 150 yen) Conversion) was added.

BlackRock’s iShares Bitcoin Trust (IBIT) added nearly $500 million, maintaining its top spot among 11 ETFs, according to data. There is.

Bitcoin ETF net inflows are beginning to go parabolic.

Since Feb 8th, the ETFs have averaged >$500M in daily inflows with over $2 billion added over the past 4 days.

Dynastic players are making dynastic moves. pic.twitter.com/osMSRWqQc5

— Ryan Watkins (@RyanWatkins_) February 14, 2024

With the exception of Grayscale’s Grayscale Bitcoin Trust (GBTC), ETFs have accumulated more than $11 billion in crypto assets (virtual currencies), the largest by market capitalization. According to some analysts, outflows from GBTC appear to be gradually easing, easing selling pressure and supporting bullish sentiment.

Bitcoin soared above $51,000 at the beginning of European time on February 14th.

Some traders are predicting a near-term jump to $64,000 due to technical analysis and institutional buying demand.

“We are indeed seeing the beginning of a Fibonacci pattern, and its target appears to be around $63,700,” Alex Kuptsikevich, market analyst at FxPro, said in an email to CoinDesk. said. “This is close to an all-time high, and while there is potential for a major swing back, it is unlikely to be the end of the global rally.”

Fibonacci trading strategy is a controversial method of analyzing and executing trades based on the Fibonacci sequence to determine entry and exit points for trades on all time frames.

Technical analysis experts aren’t the only ones targeting the $65,000 level. Options traders are placing bullish bets that Bitcoin will surpass its all-time high of $69,000 in the coming months, with some targeting $75,000.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Bitcoin Traders Target $64K as BlackRock ETF Nears $500M in Single-Day Inflow