Bitcoin ETF outflows have slowed down recently, with the price of BTC dropping by almost 3% following hints from the U.S. Federal Reserve about potential interest rate cuts. This correction led to two consecutive outflow days for spot Bitcoin exchange-traded funds after three days of inflows totaling over $2.43 billion between Nov. 11 and Nov. 13.
On Nov. 14, Bitcoin ETF products experienced the third-largest outflow since their launch, with approximately $400.7 million withdrawn. The outflows decreased the next day as BTC bounced back from support near $87,500, with $239.6 million exiting the funds. Only BlackRock’s IBIT saw inflows on Nov. 15, continuing its seven-day streak by bringing in $130.4 million. Outflows were recorded from various other funds as well.
Despite the recent outflows, the broader market remains optimistic about Bitcoin’s future. Many prominent figures in the crypto community, including Michael Saylor and Matthew Sigel, are confident that BTC could reach $100,000 by the end of the year, if not higher. Saylor even attributed this positive outlook to recent political events in the U.S.
Additionally, bettors on Polymarket are predicting a 65% chance of Bitcoin hitting $100,000 before New Year’s Eve. Technical analysts like Crypto Eagles and Rekt Capital are also bullish on BTC’s price movement, with indicators suggesting a potential climb to six figures in the near future.
Crypto Eagles pointed out a bullish breakout pattern in Bitcoin’s weekly chart, signaling strong momentum towards the $100,000 mark. Rekt Capital highlighted that Bitcoin has just entered its parabolic phase, which historically lasts around 300 days. With the current cycle only 11 days in, there is still significant room for growth from current levels.
As of the latest data, Bitcoin (BTC) was trading above $90,900, showing a 1.3% increase in the past 24 hours. Market sentiment indicators are mostly bullish, indicating positive expectations for Bitcoin’s price trajectory in the coming days. Overall, despite the recent outflows from Bitcoin ETFs, the optimism surrounding BTC’s potential to reach $100,000 remains strong among investors and analysts alike.