BlackRock Bitcoin ETF Outpaces ‘Extreme 7’ Shares as Trader Outlook Adds $88K
Inflows into BlackRock's bitcoin exchange-traded fund (ETF) have surpassed those in 2024's “Magnificent Seven” stocks, putting the BTC price on track for September at 88,000.
BlackRock Bitcoin ETF Outperforms ‘Awesome 7' Stocks
BlackRocks' iShares Bitcoin Trust ETF has accumulated nearly $19 billion in Bitcoin (BTC) year-to-date (YTD).
In the year Writing in a July 23 X post, Jeroen Blokland, founder of Blokland Smart Property Fund, said these “amazing” returns in 2016
“That's more than the Invesco Nasdaq 100 ETF, including the Magnificent 7 stocks and the #ArtificialIntelligence boom. Additionally, #Fidelity's spot Bitcoin is ranked 11th with $10 billion in revenue.
The Magnificent Seven takes cues from the 1960s American western movie and instead of cattle, it includes Microsoft, Apple, Tesla, Amazon, Meta, Alphabet and Nvidia.
This makes Bitcoin the second largest asset class in the world this year in terms of revenue, the founder added.
“This is amazing because the amount of Bitcoin is less than 90 (!) times.”
Related: Can ETH Price Crack $3.5K? The first level of the Ethereum ETF is ahead of new highs, analysts say
Bitcoin price to $88,000 in September?
US spot Bitcoin ETFs outperformed onchain holdings by more than $61 billion. In other words, ETFs hold more than 4.6% of BTC supply.
US spot Bitcoin ETFs saw more than $1 billion in net inflows last week, with appetite for BTC apparently fueled by the launch of the first spot Ether ETF in the US.
Looking at the charts, the price of BTC could reach a new high of $88,500 in September based on Ichimoku analysis by the famous crypto analyst Titan of Crypto.
In a July 21 X post, the analyst wrote:
“Bitcoin Intermediate Target: $88,500! #BTC has bounced back above the Tenkan on the weekly time frame.
However, Bitcoin's price action largely depends on ETF earnings. Bitcoin ETFs accounted for approximately 75% of new investments on February 15th, which coincided with a rise above the $50,000 mark.
According to Cointelegraph, the $72,000 mark at the current high level will be the next major obstacle to clear the price of BTC.
Related: Bitcoin analysts say 74K is the next stop for BTC price
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
