Bitcoin: Blackrock’s Spot BTC ETF Inches Closer To Top 10 List

Paigambar Mohan Raj
blackrock bitcoin btc etf
Source: Coinsturn

BlackRock’s iShares Bitcoin Trust ETF (IBIT) has witnessed a significant rise in inflows. The ETF has now seen 60 consecutive days of fund inflows. According to Bloomberg ETF expert Eric Balchunas, BlackRock’s spot BTC ETF is inching closer to entering the top 10 list.

Source: Eric Balchunas

Also Read: Mark Cuban Warns Over Unprecedented Post-Bitcoin Halving

On average, IBIT has witnessed an inflow of $223.4 million in April. According to Farside data, the asset has seen a maximum inflow of $849 million and a minimum inflow of $18 million.

Will Bitcoin (BTC) witness another price pump?

bitcoin btc us dollar cryptocurrency usd
Source: Shutterstock / In Green, modified by Blockworks

BTC recently underwent its halving cycle. Many analysts consider halvings bullish as they reduce the supply of an asset, potentially leading to a surge in demand. A rise in demand consequently leads to a price rise.

According to CoinCodex, Bitcoin (BTC) will surpass the $74,000 level to reach a new all-time high, hitting $74,375 on Thursday, Apr. 25, 2024. Reaching $74,375 from current levels would translate to a growth of about 11.77%.

Source: CoinCodex

Furthermore, CoinCodex anticipates Bitcoin’s (BTC) rally to continue into May. The platform predicts BTC to hit $87,124 on May 19, 2024. Reaching $87,124 from current levels would translate to a growth of about 30.93%.

Also Read: Bitcoin (BTC) Forecasted to Hit New All-Time High: Here’s When

Changelly also paints a bullish picture for BTC over the next few weeks. The platform predicts BTC to hit a new all-time high of $73,974 on Apr. 25, 2024. Furthermore, Changelly anticipates the asset to continue its rally in May, hitting another high of $86,769 on May 19, 2024.

The bullish outlook around Bitcoin (BTC) could be due to its recent halving event and the increased inflows into spot BTC ETFs. The inflows into spot BTC ETFs were the reason why BTC hit a new all-time high in March this year. A similar pattern might unfold later this month as well.