- On June 18, there were $152 million in net outflows from US Bitcoin spot ETFs, with Grayscale taking the lead with $62.34 million.
- Bernstein predicts Bitcoin could hit $1 million by 2033 due to strong ETF demand and limited supply.
On June 18, US Bitcoin spot ETFs netted out $152 million overall. Leading this was the $62.3397 million net outflow from Grayscale ETF GBTC in a single day, according to SosoValue.
GBTC has historically had an astounding $18.273 billion net outflow. Even with these withdrawals, Bitcoin spot ETFs’ overall net asset value is still a respectable $56.056 billion.
According to SoSoValue, the total net outflow of US Bitcoin spot ETFs on June 18 was $152 million. Grayscale ETF GBTC had a net outflow of $62.3397 million in a single day. The current historical net outflow of GBTC is $18.273 billion, and the total net asset value of Bitcoin…
— Wu Blockchain (@WuBlockchain) June 19, 2024
Investor Behavior and ETF Transactions
Chief Investment Officer of ETF and Index Investments at BlackRock, Samara Cohen, recently highlighted by ETHNews, provided perceptive information at the Coinbase State of Crypto Summit.
She said that 80% of individual investor Bitcoin ETF trades are made through online brokers.
This tendency emphasizes how more and more individual investors are participating in the cryptocurrency market, even if some financial counselors continue to be cautious.
Future Projections and Market Impact
Beside that, future-focused asset management company Bernstein has made audacious estimates. By 2033, they predict, there will be a strong demand for spot ETFs and a finite quantity of Bitcoin.
The price of BTC should reach an astounding $1 million in this scenario. Such projections present Bitcoin as a profitable investment for the future because they capture its possible long-term worth and scarcity.
The price of BTC at the moment of writing is at $65,521.23, up a little 0.08% over the previous 24 hours, according to CoinMarketCap data. At a 2.65% fall, the seven-day trend, however, indicates a bearish performance.