BitMEX Research reveals significant inflow of 32K BTC into spot Bitcoin ETFs. BTC whale wallets are showing significant movement, influencing market dynamics. PlanB predicts a $500,000 price increase as Bitcoin shortages outpace gold and real estate.
Bitcoin ETFs record 32,000 BTC inflows
In a recent report, BitMEX Research disclosed flow data for spot Bitcoin ETFs since their launch. It revealed a significant net inflow of over 32,000 BTC in just 17 trading days. This increase, valued at approximately $1.459 billion, led to a dynamic shift in market dynamics, especially as whale wallets showed significant movement. The latest findings from BitMEX Research show that the market landscape is reshaping, with the spot Bitcoin ETF leading the way.
Meanwhile, Grayscale (GBTC) experienced a net outflow of 143,559.4 BTC, equivalent to approximately US$5.967 billion, while nine other ETFs witnessed a net inflow of 175,562.2 BTC, offsetting Grayscale’s outflow. Notably, BlackRock IBIT comes out on top with a net inflow of 72,411.9 BTC. It is closely followed by Fidelity FBTC with a net inflow of 58,877.6 BTC.
On the other hand, on-chain data provider Santiment reveals significant activity among whale wallets despite Bitcoin’s price ranging between $41,000 and $44,000. Thus, it adds another layer to the emerging narrative. According to the update, the number of 1K-10K BTC wallets increased to 1,958 on February 1, the highest since November 2022, while wallets containing 100-1K BTC reached 13,735, the lowest since the same period. Meanwhile, Santiment’s data points to potential market volatility as whales strategically position themselves amid ongoing price consolidation, influencing sentiment and trading patterns.
Will BTC dominate gold and real estate?
Famous crypto analyst PlanB shared a bold prediction for the future scarcity of Bitcoin. The analyst compared it to gold and real estate. PlanB says that after the Bitcoin halving event in April, BTC’s scarcity will exceed that of gold and real estate. In doing so, he claims it would potentially lead to a market capitalization in excess of $10 trillion.
The current Bitcoin market cap is under $1 trillion. Taking this into account, this prediction means that Bitcoin price could rise above $500,000. Additionally, PlanB supports this forecast by citing Stock-to-Flow (S2F) ratios.
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