Bitcoin’s Anticipated Climb
Bitcoin gained 2.4% over this past week. The largest cryptocurrency had approached the record level of $72,000 Friday, before dropping back below $69,500 after better-than-expected jobs data in May. Yet Standard Chartered (LON:STAN) analysts remain hopeful, predicting that Bitcoin could reach $150,000 by the end of the year!
Substantial Inflows into U.S. Bitcoin ETFs
With these positive projections, U.S. Bitcoin ETFs attracted $1.8 billion in inflows last week, demonstrating investor confidence. These inflows went mainly to the iShares Bitcoin Trust ETF (NASDAQ:IBIT) and the Fidelity Wise Origin Bitcoin Fund (NYSE:FBTC) which recorded $946 million and $689 million of inflows, respectively.
European Cryptocurrency ETFs
The ETC Group Physical Bitcoin (ETR:BTCE) gained 6.25% for the week, while the CoinShares Physical Bitcoin (SIX:BITCUSD) saw a rise of 5.93%. Bitcoin funds’ positive performance has had a spillover effect on other cryptocurrencies. Overall, the cryptocurrency ETP group gained 5.23% over the week. European ETFs’ performance was higher than the Bitcoin’s performance as markets closed before the Bitcoin’s fall later last Friday.