Spot Bitcoin exchange-traded funds recorded two consecutive outflow days as the top cryptocurrency corrected almost 3% after the U.S. Federal Reserve hinted that further interest rate cuts might not be coming.
After three consecutive inflow days bringing in over 2.43 billion between Nov. 11 and Nov. 13, the weekly inflows were offset by two consecutive outflow days.
On Nov. 14, Bitcoin ETF products saw their third-largest outflow since launch, with approximately $400.7 million withdrawn. Outflows eased the following day as BTC rebounded from support near $87,500, with $239.6 million exiting the funds, according to data from Farside Investors.
BlackRockโs IBIT was the only fund to record inflows on Nov. 15, as it continued its seven-day inflow streak, bringing in $130.4 million. Outflows came from:
- Fidelityโs FBTC: $175.1 million
- ARK and 21Sharesโ ARKB: $108.6
- Grayscaleโs Bitcoin Mini Trust: $47 million
- Grayscaleโs GBTC: $22.5 million
- VanEckโs HODL: 7.7 million
- Bitwiseโs BITB: 7.4
- Valkyrieโs BRRR: $1.7 million.
The other three ETF offerings saw no flows on the day.
BTC set for $100,000ย
Bitcoinโs drop to a weekly low of $86,572, along with Federal Reserve Chair Jerome Powellโs Nov. 14 speech in Dallas. Powell stated thereโs no urgency to lower rates, which seems to have driven the ETF outflows. However, this hasnโt dampened the broader marketโs optimism.
Prominent Bitcoin advocates such as Michael Saylor and Matthew Sigel, along with the larger crypto community, remain optimistic about BTCโs trajectory, predicting it could reach $100,000 by year-endโor potentially climb even higher.
As reported by crypto.news, Saylor anticipates Bitcoin hitting $100,000 before the end of 2024, attributing this outlook to Donald Trumpโs victory in the U.S. elections, which he described as the โbiggest event for Bitcoin in the past four years.โ
Polymarket bettors are also highly bullish on Bitcoin, with a poll suggesting a 65% chance of BTC reaching $100,000 before New Yearโs Eve.
On X, pseudonymous trader Crypto Eagles told his 99,000+ followers that Bitcoin has broken out of a multi-year inverse head and shoulders pattern โ a bullish structure often preceding upward rallies โ setting the stage for a potential climb to six figures.
Analyst Rekt Capital, whose commentary previously suggested BTC price targets in the range of $120,000 to $160,000, said in a Nov. 16 post that Bitcoin has only just entered its parabolic phase, which historically lasts around 300 days. With the current cycle only 11 days in, thereโs a lot of room for further growth from current levels.
At the time of writing, Bitcoin (BTC) was trading above $90,900, up 1.3% in the past 24 hours, while IntoTheBlockโs market sentiment indicator signaled a mostly bullish outlook.
