Bitcoin ETF IBIT Reaches $15.2 Billion Inflows, and other News
It is almost impossible to give a forecast of what could happen next week, due to geopolitical tensions that could lead to a war between Israel and Iran, in which the United States and some of its allies could become involved. Hence the situation is complex for the markets.
The world of Bitcoin spot ETFs on the stock market continues to make news, this time with BlackRock’s product IBIT. This variable income instrument closed this week with positive numbers in particular. In that sense, it surpassed the barrier of 15 billion dollars in capital inflows.
With this, the fund consolidates itself as the largest in this race and almost doubles its closest competitor, Fidelity’s FBTC. The latter has a total of 8.04 billion dollars in revenue streams. In total, the ETF market of the largest cryptocurrency has inflows of $12.5 billion. Grayscale’s massive GBTC outflows are discounted in this figure, according to data from Farside.
This week, a predominance of negative days over positive ones was observed. This phenomenon is likely linked to the recent year-on-year CPI inflation data in the United States. In the last year ending in March, inflation rose to 3.5% from 3.2% in February, raising concerns among investors.
Bitcoin ETFs Prepare for a New Week on the Stock Market
The good momentum of BlackRock’s Bitcoin ETF, IBIT, could continue into the next week. However, this is not a guarantee that this entire market will have positive results. Tensions in the Middle East could become a real nightmare for the markets.
If hostilities break out between Tehran and Tel Aviv, the United States could become involved on the side of the latter in an open war. Considering Iran’s size and capabilities, as well as its proximity to Russia, the conflict could significantly bleed the US economy in a long-running war. This possibility frightens investors with every reason.
Hence, this week nervousness could lead capital to continue abandoning risk assets. This last category includes stock market products such as ETFs. Similarly, the cryptocurrency spot market would also enter a phase of large-scale liquidations. From this it can be said that last Wednesday’s inflation data was a small element compared to the geopolitical issue.
However, under any circumstances, the IBIT Bitcoin ETF will remain the biggest player in this particular market.
Kiyosaki: Bitcoin Price Will Reach $2 Million
In other news, Robert Kiyosaki, the American businessman, investor, motivational speaker and writer of the famous book Rich Dad Poor Dad, shared the forecast of Cathie Wood, the CEO of ARK Investment Management, regarding the price of Bitcoin (BTC):
“Kathie Wood guarantees Bitcoin will hit $2.3 million per BTC. Do I believe her? Yes, I do. Kathie Wood is very smart. I trust her opinion. Could she be wrong? Yes. She could be. So what? The more important question is “What do you believe?” What if Kathie is right? What if Kathie is wrong? And most importantly “How many Bitcoin do you own?” If Kathie is right, I will wish I bought more. If she is wrong, I will be glad to own zero. Most people will own zero regardless if Kathie is right or wrong.”
Cathie Wood set a price target of $2.3 million in late February this year. This implied a potential upside of 3,600% from trading levels at the time.
Additionally, Kiyosaki praised Wood for her “courage to make mistakes and learn from them,” arguing that, “in the real world, the richest and happiest people are those who make mistakes and learn from them.”
By Audy Castaneda