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VanEck Predicts $2.4 Billion Influx into Bitcoin ETFs in Early 2024

Fri, 8/12/2023 - 5:35
VanEck Predicts $2.4 Billion Influx into Bitcoin ETFs in Early 2024
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Investment management firm VanEck forecasts a significant inflow of over $2.4 billion into Bitcoin exchange-traded funds (ETFs) in the first quarter of 2024. 

This prediction comes amidst the backdrop of the anticipated launch of the first spot Bitcoin ETFs, setting the stage for a potentially transformative period in the cryptocurrency market.

This sentiment is driven by the need for 'hard money' assets, which cannot be easily influenced or cancelled by U.S. authorities. 

In this climate, Bitcoin's resilience and its limited correlation with traditional financial markets position it as an attractive investment. 

Will Bitcoin hit $100,000?

Despite expectations of significant volatility, analysts remain confident that the Bitcoin price will maintain a strong position. They believe that it is unlikely to dip below $30,000 in the first quarter of 2024.

The report predicts that the upcoming Bitcoin halving in April 2024 will proceed smoothly, with subsequent growth in the Bitcoin price.

Bitcoin Bull Mike Novogratz Attacks Jamie Dimon

The Bitcoin price is predicted to reach an all-time high in late 2024, coinciding with significant global political changes and the anniversary of its previous peaks. This could potentially lead to Satoshi Nakamoto being named Time Magazine's "Man of the Year" if it hits $100k.

Other predictions 

In 2024, blockchain gaming is expected to achieve a significant milestone with a title surpassing 1 million daily active users, led by platforms like Immutable and its high-budget games. Solana is projected to become a top 3 blockchain by market cap and TVL.
Finally, a shift towards KYC-enabled DeFi applications is expected, with Uniswap leading the change. This could potentially drive institutional liquidity and appreciation in its token value. 

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