BTC Eyes $100k Despite $338M Bitcoin ETFs Issued
The U.S. spot Bitcoin exchange market continued its recent run with another $338.4 million outflow on December 24.
US spot Bitcoin ETFs recorded net inflows over the past four trading days. The streak has come down from BTC price's high above $108k and is struggling with bearish pressure.
On Tuesday, Bitcoin recovered from its intraday low of $94k to trade above $98k.
However, according to data from Soso Value, traders have seen a net inflow of more than $338 million, bringing the total amount of money raised from the U.S. spot to $1.52 billion.
Bitcoin dips and ETFs rise
After Monday's dip in and out, market analysts at QCP shared their outlook for the market. Posted on X:
“Bitcoin's expected year-end rally has been thwarted. Instead, the $49.3M Mt. Gox #BTC activity resulted in a 14% decline, before dropping to 95k at 92.5k. Liquidity dries up, sentiment softens, and ETFs see their 3rd straight day of withdrawal.
In terms of individual funds, BlackRock IBIT saw $188.7 million in outflows on Tuesday, while Fidelity's FBTC and Ark and 21Shares' ARKB recorded negative daily inflows of $83 million and $75 million, respectively.
However, Bitwise ETF $BITB netted $8.5 million.
These consecutive days of outflows have dropped the price of BTC to close to $92k in a week. It's also the week in which Microstrategy, the owner of the world's largest BTC corporation, has acquired more to bring its total holdings to 444,262 BTC.
Michael Saylor, founder and CEO of MicroStrategy, commented.
“Last week's $MSTR treasury operations yielded .72% of BTC yield, a net gain of ~3,177 BTC. At $94K per BTC, that equates to a $299 million gift to our shareholders.”
Saylor added on X that the company's recent BTC purchases averaged more than $106,000.
“If you're not buying Bitcoin at the top, you're leaving money on the table.”
Interestingly, MicroStrategy has also filed a regulatory filing that requires its shareholders to vote to increase the company's stake by 10 billion — plans that could lead to a dramatic spike in Bitcoin.
Prior to yesterday's outflows and inflows, 12 spot Bitcoin ETFs had recorded 15 consecutive days of net gains. In total, positive inflows reached $6.7 billion in 15 days. The latest Ended on December 18th.
At the time of writing on December 25, the price of Bitcoin stood at $98,569. Its value against the US dollar has risen by 5 percent in the last 24 hours.
Bitcoin is up 128% over the past year, despite the modest gains seen last month. Bulls could see a $100k increase this holiday week.
