BlackRock Bitcoin ETF inflows surpass ‘magnificent 7’ stocks as trader eyes $88K
2024.07.23 19:29
Inflows into BlackRock’s Bitcoin exchange-traded fund (ETF) have exceeded those into the “magnificent seven” stocks in 2024, putting BTC price on track for $88,000 by September.
BlackRock Bitcoin ETF inflows surpass “magnificent 7” stocks
BlackRocks’s iShares Bitcoin Trust ETF has accumulated nearly $19 billion of Bitcoin (BTC) year-to-date (YTD).
These “baffling” inflows are greater than those of the “magnificent seven” stocks in 2024, according to Jeroen Blockalnd, the founder of Blockland Smart Asset Fund, who wrote in a July 23 X post:
“This is more than Invesco’s Nasdaq 100 ETF, including the hyped Magnificent 7 stocks and the #ArtificialIntelligence boom. In addition, #Fidelity’s spot Bitcoin ranks 11th, gathering USD 10 billion in inflows.”
Bitcoin ETF inflows YTD. Source: Jeroen Blokland
The Magnificent Seven term takes cues from the 1960s American Western film and includes Microsoft, Apple, Tesla, Amazon, Meta, Alphabet, and Nvidia instead of cowboys.
This makes Bitcoin the world’s second-biggest asset class this year, in terms of inflows, according to the founder, who added:
“That’s pretty amazing since Bitcoin’s size is 90(!) times smaller than that of equities.”
Related: Can ETH price crack $3.5K? Ethereum ETF debut will precede new highs, analysts say
Bitcoin price to $88,000 by September?
US spot Bitcoin ETFs have surpassed over $61 billion worth of onchain holdings. In other words, ETFs hold over 4.6% of the BTC supply.
ETF flows. Source: Dune
US spot Bitcoin ETFs also saw over $1 billion worth of net inflows last week, as appetite for BTC was apparently boosted by the launch of the first spot Ether ETFs in the US.
Bitcoin ETF Net Flows, Weekly, in $. Source: Dune
Looking at the charts, BTC price could reach a new high of $88,500 by September, based on Ichimoku analysis by popular crypto analyst Titan of Crypto.
The analyst wrote in a July 21 X post:
“Bitcoin Intermediate target: $88,500! #BTC is back above Tenkan on the weekly timeframe.”
BTC/USDT, 1-week chart. Source: Titan of Crypto
However, Bitcoin’s price action will largely depend on the ETF inflows. Bitcoin ETFs accounted for approximately 75% of new investments by Feb. 15, coinciding with its rise above the $50,000 mark.
As Cointelegraph reported, the $72,000 mark right under the current all-time high will be the next major hurdle for BTC price to clear.
Related: Bitcoin analysts say 74K is the next stop for BTC price
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
