Rollercoaster Ride
Bitcoin’s price took a wild ride yesterday, reaching a high of $73,000 before a sharp drop caused by liquidations. Long position holders were hit hard, losing over $258 million. However, Bitcoin quickly recovered, wiping out $103 million in short positions.
Record ETF Inflows
Investors jumped on the opportunity to buy Bitcoin ETFs, driving inflows to a record $1 billion on Tuesday. BlackRock’s IBIT ETF led the way with $849 million in inflows.
Analyst Insights
Analysts are bullish on Bitcoin’s future, citing the massive ETF inflows and the potential for a supply squeeze.
- Alessandro Ottaviani: “ONE BILLION DOLLARS! In the last twelve trading days, the inflow has been $9.2b.”
- Maartunn: “The Bitcoin ETF has experienced its highest inflows ever, with an additional 14,706.2 BTC.”
- @venturefounder: “The 5-day moving average net inflow has fully recovered to peak. So… probably HIGHER.”
Price Outlook
At the time of writing, Bitcoin has surpassed $73,500 and is trading at $73,392. Analysts predict it could reach $80-90k by the end of the month.
