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VanEck predicts inflow of over $2.4 billion in Bitcoin ETFs in 2024

  • VanEck analysts predict an inflow of over $2.4 billion in newly approved US Spot Bitcoin ETFs in Q1 2024. 
  • Analysts believe Bitcoin price is unlikely to drop below the $30,000 level in the first quarter of next year. 
  • Analysts argue that Ethereum is unlikely to flip Bitcoin in market capitalization. 

New York city based asset manager VanEck published its predictions for Bitcoin and crypto in 2024. Analysts at the asset management firm have predicted an inflow of $2.4 billion in BTC Exchange Traded Funds (ETF).

Also read: Bitcoin analyst calls early bull market as BTC price targets $50,000 in December

VanEck analysts predict mass capital inflow to Bitcoin ETFs

VanEck analysts believe that the long-awaited US recession will finally arrive, alongside the approval of Spot Bitcoin ETFs. While the economy is hit by recession in the first half of the year, BTC price is likely to rally in response to the fourth halving event.

Evaluating the corporate and household debt levels, VanEck analysts have predicted capital inflow of $2.4 billion in Bitcoin ETFs. Analysts arrived at this number by examining relative ratios of the SPDR Gold Shares (GLD) ETF and adjusting it to 2023 dollars. Within the first few days of its launch, GLD ETF saw inflows of around $1 billion.

Analysts applied these figures to the Bitcoin spot market and arrived at inflows of $2.4 billion in the first quarter of 2024. Bitcoin is expected to take a significant market share from Gold and analysts have arrived at a medium-term estimate of $40.4 billion inflows over the first two years of trading.

Analysts expect Bitcoin price to rally to $48,000 post the fourth BTC halving. BTC is expected to hit a new all-time high in 2024, post the halving event. Bitcoin price is likely to hit an all-time high on November 9, exactly three years to the day it hit its previous all-time high.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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