HOOD - Bitcoin Traders Eye $64K Target As Blackrock's ETF Rakes In $500M In A Day | Benzinga
Bitcoin (CRYPTO: BTC) traders are setting their sights on a $64,000 price target as BlackRock’s iShares Bitcoin ETF experiences a massive $500 million inflow in a single day.
What Happened: The inflow into prominent spot Bitcoin ETFs has shown no signs of slowing, with close to $630 million added on Tuesday across all products, reported CoinDesk on Wednesday. BlackRock’s IBIT contributed nearly $500 million, maintaining its lead among the 11 ETF providers.
Excluding Grayscale’s Bitcoin Trust (OTC:GBTC), these ETFs have amassed over $11 billion in Bitcoin. The outflows from GBTC seem to have gradually lessened, alleviating selling pressure and boosting bullish sentiment.
The price of Bitcoin surged over $51,000 during the early European hours on Wednesday, marking a 2% increase in the past 24 hours. The CD20 Index also rose by 0.8%.
Several traders are predicting a surge to $64,000 in the near future, citing ...