Bitcoin on Track for Longest Weekly Winning Streak In Over Three Years
Eli GrantFriday, Dec 13, 2024 4:53 pm ET
1min readBitcoin, the world's largest cryptocurrency, is on track to achieve its longest weekly winning streak in over three years. As of December 14, 2024, Bitcoin has recorded nine consecutive weeks of positive inflows, totaling $16 million, according to data from CoinShares. This trend coincides with a surge in institutional investment, led by prominent firms like BlackRock and Fidelity, which have launched spot Bitcoin ETFs.
The launch of spot Bitcoin ETFs by BlackRock and Fidelity in January 2023 has attracted substantial institutional investment, leading to a surge in inflows. According to CoinShares, these ETFs have attracted a net $1 billion in inflows, with the most successful ETF launch in history, going by both trading and flow metrics. This increased institutional interest has contributed to Bitcoin's price momentum, pushing it towards its longest weekly winning streak in over three years.
Bitcoin ETF inflows and outflows have shown a positive correlation with the cryptocurrency's price movements. As Bitcoin ETFs have seen 11 consecutive weeks of positive cash flows, totaling $16 million in inflows, Bitcoin's price has increased, with the cryptocurrency on track for its longest weekly winning streak in over three years. However, it's essential to note that other factors, such as market sentiment and regulatory developments, also play a role in Bitcoin's price movements.
Bitcoin ETFs have significantly impacted the overall market sentiment towards cryptocurrencies, contributing to the longest weekly winning streak in over three years. According to CoinShares, Bitcoin ETFs have seen $16 million in inflows over the past week, with BlackRock's spot Bitcoin ETF leading the way with $295.63 million in inflows. This positive sentiment is reflected in Bitcoin's price, which has surged to $43,700, up more than 12% in the last week. The inflows into Bitcoin ETFs indicate that institutional investors are increasingly bullish on the cryptocurrency, which could drive further price gains in the coming weeks.
In conclusion, Bitcoin's recent winning streak can be attributed to a combination of factors, with regulatory developments around spot Bitcoin ETFs playing a significant role. The launch of spot Bitcoin ETFs by prominent firms like BlackRock and Fidelity in January 2023 has attracted substantial institutional investment, leading to a surge in inflows. This increased institutional interest has contributed to Bitcoin's price momentum, pushing it towards its longest weekly winning streak in over three years. As Bitcoin ETF inflows and outflows correlate with the cryptocurrency's price movements, the positive sentiment towards Bitcoin ETFs is reflected in the cryptocurrency's price, which has surged to $43,700, up more than 12% in the last week.
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