Bitcoin ETF Demand Grows as Grayscale Outflows Decrease and BlackRock Inflows Increase

According to CoinDesk, demand for bitcoin exchange-traded funds (ETFs) continues to grow, with nearly $630 million added on Tuesday across all products. BlackRock's IBIT took the majority, adding almost $500 million and maintaining its position as the leading provider among the 11 ETFs. Excluding Grayscale's Bitcoin Trust (GBTC), the ETFs have accumulated over $11 billion worth of the largest cryptocurrency by market cap. Outflows from GBTC appear to have gradually eased, reducing selling pressure according to some analysts and supporting bullish sentiment. The bitcoin price rose above $51,000 in early European hours on Wednesday, up 2% in the past 24 hours. Some traders are forecasting a jump to $64,000 in the short term, citing technical analysis and buying demand from institutional investors. Alex Kuptsikevich, the FxPro senior market analyst, said in an email to CoinDesk, 'We are formally seeing the beginning of the Fibonacci pattern, the target of which looks to be the $63.7K area.' Options traders have also scooped up bullish bets on bitcoin crossing its lifetime peak of $69,000 in the coming months, with some options bets targeting as high as $75,000.