Bitcoin The bulls face a high challenge this week: Funnel almost $ 1 billion in the funds quoted in exchange in the United States (ETF) and prevent these institutional investment vehicles from publicly registering their second registered performance.
In January 2024, Nasdaq listed 11 ETF of Bitcoin Spot, allowing investors to take exposure to cryptocurrency while eliminating the need for coins autocustody. Since then, these funds have accumulated accumulate $ 53.9 billion in investor money.
However, this month has been a different story. These funds have registered a net exit of $ 972 million, which is the second largest since its inception, only behind the $ 3.56 billion in February, according to the Sosovalue data source. A negative count for Friday would mark the end of the four -month ticket streak.
The deceleration in ETFS absorption is one of the key reasons for BTC price performance this month, according to analysts. The spot price reached its maximum point to a record of more than $ 124,000 earlier this month and the last time changed its hands above $ 100,000.
“Only this month could see the second highest exit registered, compared to the Pico of $ 3.5 billion February during the US tariff debacle. UU.
The firm added that this remains a period to “step on carefully”, despite the fact that macro and liquidity drivers could eventually push BTC higher.
The consensus is that BTC will continue to gain ground in the year, which can reach levels greater than $ 150,000. But that would require considerable tickets, according to the founder of 10x Research, Markus Thielen.
“Some argue that Bitcoin’s macro narrative is only what matters, but without real capital flows, the price cannot increase. To reach $ 150,000, Bitcoin would require approximately $ 404 billion in total tickets this year, which means $ 173 billion between now and annual,” Thielen said in a note to customers on Tuesday.
“That is twice the combined assignments of the Bitcoin and Microstrategy ETF since the beginning of January 2024,” he added.
Keep in mind that the ETFs of Ether have registered a net entrance of $ 3.23 billion this month, extending the winning streak since April.
