After trading sideways most of last week, Bitcoin (BTC) showed a steady upward trend over the weekend as traders and analysts continue to monitor the inflows into recently launched spot BTC exchange-traded funds (ETFs) and the upcoming block reward halving event on the Bitcoin blockchain.
Google Set To Permit Bitcoin ETF Ads On Its Search Engine
Growth prospects for the leading cryptocurrency got some boost on Monday after Google stated that it may update its advertising policy to permit the promotion of certain “Cryptocurrency Coin Trust” products targeting US investors on its search engine. This indicates that ads for spot Bitcoin ETFs may soon be visible across the web.
Prominent BTC analyst “The Bitcoin Therapist” told his X followers that Google will allow Bitcoin ETF ads starting January 29. He also believes that Bitcoin will have “unprecedented levels” of institutional and retail exposure this year.
BlackRock’s IBIT Bitcoin ETF Surpasses $2 Billion In Assets Under Management
Bloomberg ETF analyst James Seyffart shared some data on X that said the assets under management (AUM) of investment giant BlackRock’s iShares Bitcoin Trust (IBIT) surpassed the $2 billion milestone.
According to reports, investors put approximately $170 million into IBIT last Thursday, which led to the fund acquiring nearly 4,300 BTC. This brought the total amount of Bitcoins held by BlackRock to 49,952 BTC, equivalent to $2.1 billion at the current rate.
IBIT is now the third largest ETF in asset accumulation among the 600 exchange-traded funds launched across 2023 and 2024.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) is poised to cross the $2 billion threshold next. As of January 25, the AUM of the ETF stood at 44,000 BTC, worth approximately $1.85 billion.
Analysts Say Real Impact Of ETFs On Bitcoin Will Propel Its Price To $500,000
Meanwhile, cryptocurrency analyst Michael Van de Poppe has suggested that the price of Bitcoin was likely to consolidate within the range of $37,000 and $48,000 in the months ahead as alternative cryptocurrencies start to take over the market.
Most importantly, he noted that the real impact of the ETFs on Bitcoin will be reflected in the “next few years”. He believes that the instruments will help propel the price of BTC to between $300,000 to $500,000.
Market analyst Benjamin Cowen predicts a significant price correction for Ethereum that will lead to the world’s second-largest cryptocurrency declining to below the $1,000 mark.
He believes that sometime over the next few months, ETH/BTC will break down, and once that happens, Ethereum will test the integrity of that low by falling below $1,000. Cowen also noted that the scenario is not likely to happen in January as the month has historically been kind to Ether.
Whale’s Race To Accumulate Bitcoin As Institutional Interest In BTC Rises
At the same time, Bitcoin whales have been indulging in a massive shopping spree since the turn of the year. According to on-chain analytics from IntotheBlock, wallets that hold at least 1,000 BTC have boosted their holdings by $3 billion.
It is estimated that at press time, whales hold a staggering 7.8 million BTC, which amounts to a value of approximately $294 billion.
Whales also took advantage of Bitcoin’s recent crash from the peak of $49,000 to $38,500 by snagging up 10,000 BTC, amounting to over $421 million.
Bitcoin is currently changing hands at $42,138 – down 0.9% in the last 24 hours.