Bitcoin Chases The $1B Mark In One Week Fund Inflows, Arthur Hayes Sees Year-End Bitcoin Valuation ‘At Or Above An All-Time High’
By Benzinga
The latest crypto fund inflows witnessed a significant growth level from the past week, lead by Bitcoin (CRYPTO: BTC). Experts say a correction is healthy, industry executive sees year-end valuation at or above all-time high levels.
What Happened: Based on the latest CoinShares report, digital asset investment products witnessed $1.18 billion in inflows over the past week. Bitcoin was leading with $1.14 billion compared to $112.6 million in the prior week. Short Bitcoin saw inflows of $4.1 million compared to an outflow of $0.9 million in the prior week.
Region-wise, the U.S. saw an inflow of $1.24 billion compared to $83.6 million in the prior week. Germany, Sweden and Canada swung to outflows compared to inflows earlier.
Read Next: Morgan Stanley Crypto Expert Outlines How Bitcoin, CBDCs Threaten US Dollar Supremacy
Why It Matters: While the spot Bitcoin ETF approval was received last week, Bitcoin prices do not seem to react the way the crypto community expected. In the past seven-day trading, prices eroded 7.8% of its value taking it below the threshold levels that it broke after several months.
A crypto and Bitcoin enthusiast tweeted on his X platform that the current correction on Bitcoin is healthy and “The coming 2 years will be a roller coaster, and the value of #Bitcoin will go to levels beyond imagination. Just hold and sit tight.”
In another post, he stated that for Bitcoin there was “basically a rejection at $46K and then a correction to sub $40K.”
Primary scenario for #Bitcoin is basically a rejection at $46K and then a correction to sub $40K.
Still liquidity ready to be taken there and it would cause a chain reaction across the markets, FUD, negative sentiment (unjustified) and such.
Always ready to buy the dip. pic.twitter.com/G6kxSS2uGZ
— Michaël van de Poppe (@CryptoMichNL) January 16, 2024
BitMEX co-founder Arthur Hayes in his recent blog post stated that despite the shake-up in the U.S. banking system and the bailout of some banks in 2022, crypto was not bailed out even after the fallout of lenders like BlockFi, Celsius and Genesis.
He said people lost a lot of money, over-leveraged positions were liquidated, centralized companies did not exist but every 10 minutes on average a Bitcoin block was produced because crypto cannot be bailed out.
He added, “The bull market is just beginning. 2024 will be a choppy year with regards to price action, but I still expect by year-end, we will be at or above an all-time high in the market cap of Bitcoin and the entire crypto complex.”
Photo: Shutterstock
