Bitcoin Breaks $73K Amid Swelling Inflows Across Newly Launched ETFs

Bitcoin broke above $73,000 on Monday amid increasing ETF inflows. The flagship cryptocurrency continued to rally, with analysts growing more confident BTC would achieve an original prediction of $150,000 in the current bull cycle.

Following Monday’s rally, Bernstein’s analysts , Gautam Chhugani and Mahika Sapra, reiterated their bullish forecasts that Bitcoin will push much higher after the upcoming halving event. They believe the current momentum is strong enough to cause a follow-through after the slashing of miners’ rewards later in April.

According to the analysts, recent developments make them more convinced that their last year’s prediction about Bitcoin will come to pass. The analysts said:

We built bitcoin institutional flows in our estimates to arrive at bitcoin price. We estimated $10 billion inflows for 2024 and another $60 billion for 2025.

Notably, the rising inflow in the newly launched ETFs coincides with Bitcoin’s latest surge. According to a BitMEX report , there was a net gain of $505.5 million on March 11, 2024. BlackRock’s IBIT led the pack with a $562.9 million inflow, representing a 0.12% increase in total assets.

More recently, Spot On Chain, a cryptocurrency analytics platform, reported that the inflows into Bitcoin ETFs hit $1.05 billion today, March 13, a new single-day record since ETF inception. The report noted that the new record was triggered by a 108% surge in inflows from the previous day. 

According to Spot On Chain, all 10 ETFs have brought in $11.14 billion after 42 trading days since Jan 10. The analytics firm noted that BlackRock (IBIT) now holds 203,755 BTC, equivalent to $14.8B, rivaling MicroStrategy, and short of approximately 10,000 $BTC behind the U.S. Government.

Bitcoin traded for $73,434 at the time of writing, with a 2.46% gain in the past 24 hours, per CoinmarketCap. The pioneer cryptocurrency has continued higher, with a few weeks remaining before the next halving event.