Bitcoin ETFs inflows surge past $1 billion this week
Some analysts forecast Bitcoin could hit $124,000 by the end of 2024, reflecting growing investor interest.
Bitcoin exchange-traded funds (ETFs) saw a huge influx of liquidity this week, with inflows surpassing $1 billion for the first time since July. The cumulative net inflows across the 12 ETFs have reached a record $18.8 billion. ARK 21Shares and Fidelity led the charge, bringing in the highest figures.
Bitcoin’s price surged past the $65,000 resistance level, sparking a wave of buying driven by fear of missing out (FOMO). Analysts are predicting a significant rally in the final quarter, with some suggesting Bitcoin could push beyond $70,000 and potentially reach new all-time highs sooner than anticipated.
A sharp rise in stablecoin minting and global liquidity injections bolsters market optimism. Some analysts even forecast that Bitcoin could hit $124,000 by the end of 2024, as investor interest continues to climb.
About author
DW Team
The GIP Digital Watch Observatory team, consisting of over 30 digital policy experts from around the world, excels in the fields of research and analysis on digital policy issues. The team is backed by the creative prowess of Creative Lab Diplo and the technical expertise of the Diplo tech team.