Bitcoin Price Prediction 23 May: BTC Struggles at the $70,000 Resistance – What’s the Next Level to Watch?
BlackRock’s IBIT Leads Bitcoin ETF Inflows and Institutional Demand
U.S. bitcoin spot ETFs have seen remarkable success, particularly BlackRock’s IBIT, which captured 94.86% of recent inflows, totalling $280 million out of $305.7 million. This fund now holds nearly 282,000 BTC, closely rivalling Grayscale’s Bitcoin Trust.
- Fidelity’s FBTC also saw significant inflows.
- Other bitcoin ETFs experienced no activity.
- BlackRock’s IBIT is attracting 414 institutional investors, making it the fastest-growing ETF.
The success of BlackRock’s IBIT and the rising institutional interest in bitcoin ETFs indicate growing confidence in cryptocurrency, likely boosting BTC demand and positively impacting the broader crypto market.
Kaleo’s Bullish Predictions for Bitcoin and Crypto Market
Analyst Kaleo predicts the true bull cycle for cryptocurrencies is yet to begin, with Bitcoin currently in an accumulation phase. He forecasts Bitcoin could reach $150,000 to $200,000, and Ethereum might surge to around $12,000.
Significant capital inflows are expected to ignite a frenzy in altcoins and decentralized applications.
Despite Bitcoin’s drop to around $69,000 and Ethereum at $3,737, Kaleo remains optimistic, suggesting substantial opportunities ahead.
This bullish outlook is likely to drive increased investor interest and capital inflows, potentially boosting prices across the crypto market.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ethereum's active addresses surge by 37% amid institutional demand
Illinois and Indiana propose Bitcoin reserve bills for 2025
Dogecoin (DOGE) Signals New Upside Move: Can Bulls Take Charge?
Bitcoin Price Displays Bullish Signs: A Recovery In The Making?