This week, Bitcoin reached a new all-time high above $123,000 but soon rebounded to $118,000 after a pullback. Institutional interest in the asset remains high, supporting its growth.
Pullback After Record
After Bitcoin reached an all-time high, it experienced a typical pullback, declining to $118,000 by Wednesday. However, despite this pause in upward momentum, institutional investors continue to show strong interest.
Surge in Investments into Bitcoin ETFs
Market analytics platform Santiment revealed a surge in capital flows into Bitcoin ETFs. Since June 9, these investment vehicles have recorded a net inflow of $7.78 billion, with an average of $353.8 million daily. Glassnode noted that Monday marked one of the largest daily inflows into spot Bitcoin ETFs in the last three months, with over 7,500 BTC added in a single day. On Tuesday, another 3,400 BTC, amounting to approximately $402 million, was added, indicating the confidence of institutional investors.
Bitcoin's Growth Prospects
According to an update by Kobeissi Letter, if only global institutional inflows enter the market, Bitcoin could rise by 70%, nearing $200,000. A $300 billion influx could drive prices to around $133,000, while a $1 trillion institutional influx could push it towards $200,000. The continued launch of institutional products creates favorable conditions for Bitcoin's sustainable growth.
Bitcoin continues to demonstrate strong growth momentum despite the pullback. The consistent interest from institutional investors and the surge in ETF investments underscore its significance as a digital asset in the modern financial landscape.
