Inflows into BlackRock’s Bitcoin exchange-traded fund (ETF) have surpassed those into the “Magnificent Seven Stocks” in 2024, which could push the BTC price to $88,000 by September.
BlackRock Bitcoin ETF Inflows Surpass ‘Magnificent 7’ Stocks
BlackRocks’ iShares Bitcoin Trust ETF has accumulated about $19 billion worth of Bitcoin (BTC) since the beginning of the year.
According to Jeroen Blockalnd, founder of Blockland Smart Asset Fund, these “embarrassing” inflows are bigger than the inflows from the “magnificent seven” stocks in 2024. He wrote in a July 23 post to X:
“That’s more than Invesco’s Nasdaq 100 ETF, which includes the overhyped Magnificent 7 stocks and the #ArtificialIntelligence boom. Also, #Fidelity’s spot Bitcoin ranks 11th, with $10B in inflows.”
The term The Great Seven is inspired by 1960s American Western films and instead of cowboys includes Microsoft, Apple, Tesla, Amazon, Meta, Alphabet and Nvidia.
According to its founders, this makes Bitcoin the world’s second-largest asset class in terms of inflows this year.
“This is quite surprising considering that Bitcoin’s size is 90 times smaller than stocks.”
Related: Can ETH Price Break 3.5K? Analysts Say Ethereum ETF Debut Could Lead to New Highs
Will Bitcoin Price Reach $88,000 by September?
The US spot Bitcoin ETF has over $61 billion in on-chain holdings. In other words, the ETF holds over 4.6% of the BTC supply.
US spot Bitcoin ETFs also saw net inflows of over $1 billion last week, with demand for BTC seemingly on the rise following the launch of the first spot Ethereum ETF in the US.
According to Ichimoku Analysis by popular cryptocurrency analyst Titan of Crypto, looking at the charts, the BTC price could reach a new high of $88,500 by September.
The analyst wrote in a July 21 post to X:
“Bitcoin Interim Target: $88,500! #BTC is back above Tenkan on the weekly timeframe.”
However, Bitcoin’s price action will be largely driven by ETF inflows. Bitcoin ETFs accounted for about 75% of new investment through February 15, which coincided with the breakout of $50,000.
As Cointelegraph reported, $72,000, just below the current all-time high, is likely to be the next major hurdle that BTC price will have to overcome.
Related: Bitcoin Analysts Say 74K Is The Next Peak For BTC Price
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