Bitcoin ETFs "Buy The Dip" as BTC Price Drops By More Than $7,000
Bitcoin (BTC) was identified as a strong buy for institutions after its price briefly fell below $116,000. Onchain analytics from Glassnode indicates that large-volume investors increased their positions despite a $7,000 drop. Institutional inflows into US spot Bitcoin ETFs remained robust, with significant inflows of 7,500 BTC on Monday and an additional 3,400 BTC on Tuesday, while outflows stayed near zero. This contrasts with previous years when price corrections led to substantial ETF outflows. Optimism regarding Bitcoin's price is growing, with predictions suggesting it could reach $135,000 due to high demand from ETFs outpacing supply. Network economist Timothy Peterson noted a net deficit of 343,000 BTC from ETF acquisitions, projecting potential price increases of $18,000 by year-end under steady demand conditions.
