Cryptocurrency analyst and trader Michaël van de Poppe expressed bullish expectations for Bitcoin (BTC). Van de Poppe’s analysis was shared on the social media platform X.
Van de Poppe highlighted increased interest and inflows into spot Bitcoin exchange-traded funds (ETFs) as a potential bullish catalyst in Bitcoin’s price. Stating that in the last three trading days, net inflows to spot Bitcoin ETFs exceeded 1.5 billion dollars, van de Poppe stated that there is over 500 million dollars of fund flow to the markets through these ETFs every day.
Stating that this situation indicates an increase in the interest of institutional investors in Bitcoin, van de Poppe thinks that Bitcoin has now become a more mature asset and therefore attracts the attention of institutional investors. According to Van de Poppe, increased interest from institutional investors and increased confidence in Bitcoin will increase the value of the cryptocurrency and further accelerate the market.
“Net inflow exceeded $1.5 billion in the last three trading days. More than $500 million flows into the markets every day through spot Bitcoin ETFs. This is a huge signal. “Institutions are interested, Bitcoin is maturing, this market will accelerate.”
NEWS CONTINUES BELOW
Bitcoin is up nearly 16% in the last seven days and is trading up at $51,848 at press time. According to the widely followed analyst, Bitcoin could rise by around 10% from its current level ahead of the halving event scheduled for April.
“If $46,000 is maintained, I think we will see $53,000 – $57,000 before the halving.”
NEWS CONTINUES BELOW
Ethereum (ETH) too examining As spot Ethereum ETF applications from institutional investors in the US increase, demand for the second-largest crypto asset by market value may also increase, Van de Poppe says.
“VanEck, ARK, Hashdex, BlackRock, Fidelity, Grayscale and Invesco filed Spot Ethereum ETF applications in the 4th quarter of 2023. Franklin Templeton has joined the race and filed for Spot Ethereum ETF. “The pivot towards ETH is closer than we think.”
Franklin Templeton filed for a spot Ethereum ETF with the US Securities Exchange Commission (SEC) on February 12.
Finally, Ethereum is trading at $2,773 at press time.
You can follow the current price movement here.
