On the second Sunday of 2024, Bitcoin‘s price hovers around $42,700, with the initial excitement over ETFs significantly diminished. Despite the initial enthusiasm for spot Bitcoin ETFs, the anticipated levels have not been reached. However, the developments of this week are telling for the rest of 2024.
ETF inflows have reached $1.2 billion, surpassing figures previously reported by CoinShares. This significant level was achieved in just two days, indicating potential future trends. Bitcoin is now represented in 11 different ETFs, including those managed by giants like BlackRock and Fidelity.
While many ponder why the billion-dollar inflows didn’t happen in two days, it’s understood that the real impact of these ETF inflows will be seen in the medium to long term. To cope with a real supply shortage, the target of $50 billion for this year needs to be met.
On the Bitcoin front, we’ve witnessed price drops due to substantial profit-taking as profitability reached 95%. Although there was no massive drop to $38,000 or $35,000 as some expected, the market suggests a gradual rise if ETF inflows remain strong in the coming week.
The top-performing altcoin among the top 100 cryptocurrencies was ENS Coin, with a 105% increase over seven days, reaching a price of $26.6, buoyed by Vitalik Buterin’s supportive comments. Other altcoins like SUI, HNT, ETC, and BONK also saw gains between 38% and 51%. Despite recent dips, there were no massive losses among the top 100 cryptos, with cumulative value at $1.68 trillion and Bitcoin Dominance (BTCD) below 50%, a positive sign for altcoins.