The ETFs are going to buy anoterh 10,000 BTC overnight and tomorrow based on inflows the 28th of February.
When the ETFs were approved in the US, they purchased 13,500 BTC almost every night after investments poured in. That was when BTC was around 40K per.
Today, it hovering over 60K.
Between the Asian markets and the institutional purchases, tomorrow we will wake up to see a repeat of today. It may be 65K in the morning.
The ETFs were expected to draw approxiamately 50B USD in 2024. They are sitting almost half way to those calculations in just six weeks.
Gold ETFs are experiencing huge outflows mostly headed into BTC ETFs.
The ETFs are creating a situation were demand exceeds daily mining production, which is 1250 today, and in seven weeks it will drop to 625 daily. ETFs worldwide are increasing like in China and even in Hong Kong. US ETF purchases of BTC are holding steady at 10-12x the daily production rates, and in the first days of the ETFs at 40K they were 25-50x the daily production.
My go to Guru has been awake for 72 hours. He beleived 14-days ago BTC would hit 62K on the 26th of Feb; he was two days late and two thousand under. He now calculations that BTC could hit 100K before the Halving evcent in 7 weeks.
There are models based on ETF inflows that calculate prices based on different amounts. If US financial services institutions put 1% of investor investments into BTC that alone was projected for a 2024 price of 77K. Now with updated demand these models are accurate within a few days and few thousand and they are pointing to 300K by year’s end.
My own estimates with 3% in investment funds in the US would drive it 177K, but all bets are off with the ETFs and that giant sucking sound of fiat currency circling the drain.
Thanks for the info.