Bitcoin ETFs Get Over $1 Billion in Inflows Since June
The price of Bitcoin (BTC) hit a four-month low of $53.8k last week. Despite the decline, exchange-traded funds (ETFs) had a significant inflow of more than $1 billion in the previous ten days.
According to Glassnode, the leading blockchain data source, this was the most significant inflow since June.
The most recent report says asset managers like Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares, and 21Shares offer cryptocurrency products worldwide. They reported net inflows of $1.44 billion during the previous week.
The statistics indicate one of the most significant registered weekly net inflows, increasing the total amount of money invested in digital asset investment products to a record $17.8 billion this year. This is due to further buying of BTC due to its price weakness.
Is this a buying opportunity for investors?
With everything going and an inflow of over $1 billion, investors believe Bitcoin is massively undervalued at its current price. So, they see this as a fantastic opportunity to buy it.
According to data obtained from CoinMarketCap and TradingView, the price of Bitcoin is around $63,824 at the time of publication.
According to Michael van de Poppe, MN Capital’s founder, Bitcoin can reach $100,000 if it moves to and maintains a price above $65,000 and is supported by “ongoing institutional inflow.”
Lastly, the increased inflows show that investors view the current price as a great buying chance. They thought the asset was undervalued at $54,000, and investors have been buying it since then. They expect its value to increase.
