Spot bitcoin ETFs have amassed more than 192,000 bitcoin in holdings, as of Friday, since their launch nearly a month ago.
Bitcoin prices could top out at the $112,000 level if current buying pressure from ETFs continues.
#Bitcoin could reach $112K this year driven by ETF inflows, worst-case $55K.https://t.co/HrkV3TU8Ul pic.twitter.com/jBn6HWpt9b
— Ki Young Ju (@ki_young_ju) February 11, 2024
The “worse case” scenario is at least $55,000, which is still a nearly 15% rise from current levels.
Bitcoin prices could touch $112,000 this year if the current trend of inflows related to spot exchange-traded funds (ETFs) continues, on-chain data provider CryptoQuant said Sunday.
CEO Ki Young Ju said on X the “worse case” for bitcoin was at least $55,000, or a nearly 15% bump from Monday’s prices. The targets were made based on the effect of inflows on bitcoin’s market capitalization and a metric ratio that has historically indicated if prices were “overvalued” or “undervalued.”
“Bitcoin market has seen $9.5B in spot ETF inflows per month, potentially boosting the realized cap by $114B yearly,” Ki said. “Even with $GBTC outflows, a $76B rise could elevate the realized cap from $451B to $527-565B.”
#Bitcoin market has seen $9.5B in spot ETF inflows per month, potentially boosting the realized cap by $114B yearly.
Even with $GBTC outflows, a $76B rise could elevate the realized cap from $451B to $527-565B. pic.twitter.com/b7iFCIbGVP
— Ki Young Ju (@ki_young_ju) February 11, 2024
Ki cited a ratio tracking bitcoin’s market capitalization to realized capitalization – a measure of active tokens at thier last traded price – as potentially marking a top for bitcoin at the $104,000 to $112,00 mark. The ratio would reach 3.9 at those prices, a level that has historically marked a price top.
Spot bitcoin ETFs have amassed more than 192,000 bitcoin in holdings, as of Friday, since their launch nearly a month ago.
