Bitcoin Maxi Spotlights 5 Reasons Why BTC Will Hit $70K Next Week

Bitcoin Maxi Spotlights 5 Reasons Why BTC Will Hit $70K Next Week

Alessandro Ottaviani, co-host of the Store of Bitcoin podcast, recently revealed five compelling reasons why he believes Bitcoin (BTC) will surge to $70,000 in the upcoming week. Ottaviani’s analysis is grounded in recent market trends and institutional investment behaviors. Hence, it provides a robust case for a significant bullish movement in the BTC price.

5 Reasons Why Bitcoin Will Top $70K Soon

1. Bitcoin ETF Inflows And Market Performance

The first reason cited by Ottaviani is the substantial net inflow into Bitcoin Exchange-Traded Funds (ETFs) since early May 2024. With $1.5 billion in inflows noted so far this month, ETFs are showing strong investor confidence. Specifically, on May 17 alone, these ETFs saw a net positive flow of $221.5 million. Notable contributions include

Blackrock’s IBIT ETF with $38.1 million, Fidelity Wise’s FBTC leading with $99.4 million, and Bitwise’s BITB ETF adding $20.8 million. Meanwhile, Grayscale’s GBTC ETF also maintained its inflow streak, recording $31.6 million, while the Ark 21Shares Bitcoin ETF (ARK) saw an inflow of $10 million.

Moreover, Valkyrie’s BRRR and VanEck’s HODL contributed $6.4 million and $9.5 million respectively. The week accounted for an inflow of $948.3 million. This inflow starkly contrasts with April’s outflow of $343 million, indicating a significant shift in market sentiment.

2. Grayscale’s GBTC Inflows

Secondly, Ottaviani highlighted Grayscale’s GBTC ETF, which not only had individual days with positive inflows but also ended the current week with a net inflow. This consistent investment into GBTC underscores ongoing institutional interest and confidence in Bitcoin as a long-term asset.

The week saw a net influx of $12.3 million, which is considerable enough owing to Grayscale’s 77-day streak of outflows since inception. Hence, it indicates a shift in the market dynamics and increase adoption of this ETF product. With the minimisation of GBTC outflows, the Bitcoin price could be benefited with the positive flows that enhance liquidity.

Also Read: Crypto Market: Here’s Why BTC, SOL, & AI Coins Could Rally This Week

3. Institutional Adoption And 13F Filings

Ottaviani’s third point emphasizes the growing institutional adoption of Bitcoin ETFs, as revealed by recent 13F filings with the SEC. These filings show that 937 global institutional investors have considered investments in U.S. Spot Bitcoin ETFs. Moreover, they contributed over $10 billion in assets under management (AUM).

The United States leads this adoption with $9.27 billion in investments. Prominent American banks, such as Morgan Stanley and Wells Fargo, have disclosed substantial Bitcoin ETF holdings, marking a significant milestone in the integration of digital assets into traditional financial systems.

In addition, Millennium Management stands out as the largest institutional investor with $2 billion in Bitcoin ETFs, followed by firms like Susquehanna International Group and Boothbay Fund Management, which has invested over $377 million across multiple ETFs.

4. BlackRock Bitcoin ETF’s Institutional Adoption Soars

The fourth reason focuses on the positive signals from the institutional world regarding Bitcoin ETFs. Reports suggest that over 400 hedge funds now own BlackRock’s IBIT ETF. This indicates a broad acceptance and trust in this ETF product among sophisticated investors. Since BlackRock’s IBIT serves as one of the prominent ETF products, further adoption can be expected for other ETFs as well.

5. Rumors Of Expanded Bitcoin Offerings

Finally, Ottaviani refers to rumors that Morgan Stanley and Wells Fargo are poised to expand their Bitcoin offerings to all clients. They are expected to recommend investing in the largest virtual currency. If these banks proceed with such plans, it would signify a substantial endorsement of Bitcoin. Moreover, it could drive further retail and institutional investment, propelling the price upwards.

The Bitcoin maxi expects BTC to close above $69,000 at the end of the weekend. Furthermore, he noted that this could set the stage for Bitcoin hitting $70,000 on Monday, May 20. If successful, this would be the first time since April that Bitcoin would surge past that level.

Also Read: Michael Saylor Shares Bullish Bitcoin (BTC) Tip As Price Crosses $67K

The post Bitcoin Maxi Spotlights 5 Reasons Why BTC Will Hit $70K Next Week appeared first on CoinGape.

Leave a Reply