BlackRock Bitcoin ETF inflows exceed those of the ‘Magnificent 7’ stocks as traders eye a target of $88K
In 2024, inflows into BlackRock’s Bitcoin exchange-traded fund (ETF) have exceeded those into the “Magnificent Seven” stocks, setting the BTC price on track for $88,000 by September.
BlackRock’s iSharesTrust ETF has amassed nearly $19 billion of BTC year-to-date (YTD), surpassing inflows into the “Magnificent Seven” stocks, according to Jeroen Blockland, founder of Blockland Smart Asset Fund. He noted in a July 23 X post:
“This is more than Invesco’s Nasdaq 100 ETF, which includes the hyped Magnificent 7 stocks and the #ArtificialIntelligence boom. In addition, #Fidelity’s spot Bitcoin ranks 11th, gathering USD 10 billion in inflows.”
The term “Magnificent Seven” references the 1960s American Western film and includes major companies like Microsoft, Apple, Tesla, Amazon, Meta, Alphabet, and Nvidia. Bitcoin has become the world’s second-biggest asset class this year in terms of inflows, despite its market size being 90 times smaller than that of equities.
Bitcoin Price Headed for $88,000 by September?
U.S. spot Bitcoin ETFs have surpassed $61 billion worth of on-chain holdings, meaning they hold over 4.6% of the BTC supply. Last week, U.S. spot BTC ETFs saw over $1 billion in net inflows, likely spurred by the launch of the first spot Ether ETFs in the U.S.
According to Ichimoku analysis by popular crypto analyst Titan of Crypto, BTC could reach a new high of $88,500 by September. The analyst stated in a July 21 X post:
“BTC Intermediate target: $88,500! #BTC is back above Tenkan on the weekly timeframe.”
However, BTC’s price action will largely depend on ETF inflows. BTC ETFs accounted for approximately 75% of new investments by February 15, coinciding with its rise above the $50,000 mark. As previously reported by Cointelegraph, the $72,000 level, just below the current all-time high, will be the next major hurdle for BTC price to clear.
