Spot Bitcoin ETFs See $28.72M Inflow; Michael Saylor Predicts $13M BTC

Spot Bitcoin ETFs See Reversal with $28.72 Million Inflow

On September 9, the spot Bitcoin ETF experienced a significant shift. After eight consecutive days of net outflows, Bitcoin ETFs recorded a total net inflow of $28.72 million. This turnaround was led by Fidelity’s FBTC ETF, which saw the largest inflow of $28.60 million. 

Bitwise’s BITB followed with $21.99 million, while Ark Invest and 21Shares’ ARKB and Invesco’s BTCO added $6.81 million and $3.14 million, respectively. At press time, Bitcoin price was trading at $57,135.35, after an intraday surge of 3.31% with $1,128,718,776,648 in market cap and $33,841,152,864 in 24-hour volume.  Source: SoSoValue

The chart shows that the ETF had a net inflow of $28.72 million on September 9 and the total net assets of the ETF were $51.31 billion. The chart also shows that the ETF has experienced both positive and negative inflows over the past few months and that the price of Bitcoin has been volatile during this time.

Grayscale and Ethereum ETFs Face Outflows

Despite the positive shift for Bitcoin ETFs,  spot Ethereum ETFs continued their struggle with a net outflow of $5.20 million over the past five days. Grayscale’s ETHE ETF saw a significant outflow of $22.64 million, contributing to the overall decline. Conversely, Grayscale’s GBTC experienced a net outflow of $22.76 million, slightly offsetting the gains seen in spot Bitcoin ETFs.

Michael Saylor Bitcoin Price Prediction Stirs Interest

In related news, Michael Saylor, co-founder of MicroStrategy, has made headlines with his bold Bitcoin price prediction. Despite recent price fluctuations, Saylor projects Bitcoin could reach $13 million per coin by 2045. This ambitious forecast underscores his firm belief in Bitcoin's long-term potential and stability. Currently, Michael Saylor net worth is around $4 billion, according to Forbes.  

Conclusion

In conclusion, the recent $28.72 million inflow into Bitcoin ETFs marks a notable rebound after a period of outflows, with significant contributions from Fidelity and others. However, Ethereum ETFs and Grayscale’s funds are still facing challenges. Meanwhile, Michael Saylor’s $13 million Bitcoin forecast highlights long-term optimism.

Also Read: FBI: $5.6B Lost to Crypto Fraud in 2023, Elderly at Risk