Bitcoin ETF outflows slow down, $100k BTC still in sight

Spot Bitcoin exchange-traded funds recorded two consecutive breakout days, with the top cryptocurrency correcting almost 3% after the US Federal Reserve hinted that further interest rate cuts may not be coming.

After debuting for three consecutive days between November 11 and November 13, generating over 2.43 billion, weekly inflows were balanced by two consecutive exit days.

Bitcoin ETF products saw their third-largest outflow since their launch on November 14, at around $400.7 million. Outflows tapered off the next day as BTC rebounded from support around $87,500 and $239.6 million exited the fund, according to data from Farside Investors.

BlackRock’s IBIT was the only fund to record an inflow on November 15, continuing its seven-day inflow streak, bringing in $130.4 million. Outputs came from:

Fidelity’s FBTC: $175.1 million ARK and 21Shares’ ARKB: $108.6 Grayscale’s Bitcoin Mini Trust: $47 million Grayscale’s GBTC: $22.5 million VanEck ‘s HODL: 7.7 million Bitwise’s BITB: 7.4 Valkyrie’s BRRR: 1.7 million dollar.

The other three ETF offerings did not see any flows on the day.

BTC set for $100,000

Bitcoin fell to a weekly low of $86,572 after Federal Reserve Chairman Jerome Powell spoke in Dallas on November 14. Powell said there was no urgency to lower rates, which appears to have caused outflows from the ETF. However, this did not reduce the general optimism of the market.

Prominent Bitcoin advocates such as Michael Saylor and Matthew Sigel, as well as the greater crypto community, remain optimistic about BTC’s trajectory, predicting that BTC could reach $100,000 by the end of the year, or potentially even higher.

As reported by crypto.news, Saylor predicts that Bitcoin will reach $100,000 before the end of 2024 and attributes this outlook to Donald Trump’s victory in the US elections, which he described as “the biggest event for Bitcoin in the last four years.”

Polymarket bettors are also very bullish on Bitcoin, with one survey showing a 65% chance of BTC reaching $100,000 before Christmas.

On

$BTC It broke the inverse head and shoulders formation on the weekly time frame with significant volume, signaling strong bullish momentum.

If this bullish momentum continues, Bitcoin could surpass the much-coveted $100,000 mark and begin a new phase of price discovery. pic.twitter.com/pVeJRdv0Kt

— Crypto Eagles (@CryptoProject6) 16 November 2024

Analyst Rekt Capital, who previously suggested that BTC price targets were in the range of $120,000 to $160,000, said in a post on November 16 that Bitcoin had just entered its parabolic phase, which historically lasted about 300 days. With the current cycle only being 11 days in, there is plenty of room for further growth from current levels.

#BTC just started the Parabolic Phase of the cycle

Historically, this phase has lasted an average of ~300 days.

Bitcoin is only on Day 11 of its Parabolic Phase$BTC #Crypto #Bitcoin

— Rekt Capital (@rektcapital) 16 November 2024

At the time of writing, Bitcoin (BTC) was trading above $90,900, up 1.3% in the last 24 hours. IntoTheBlock’s market sentiment indicator pointed to a mostly bullish outlook.