Over the past five days, Bitcoin (BTC), the leading cryptocurrency, has experienced a highly volatile period, with its price swinging wildly within hours, triggering the liquidation of large amounts of leveraged positions.
After reaching an all-time high of $73,750 on Thursday, BTC fell sharply to $64,600 on Sunday. The cryptocurrency was back above $68,000 levels at the start of trading on Monday. However, it retraced more than 2% soon after, hovering around $66,800.
Amid this market volatility, Binance CEO Richard Teng believes Bitcoin will continue to set new records and exceed $80,000, according to Bloomberg.
Binance CEO is optimistic about Bitcoin
Teng believes the surge is due to newly approved and traded spot Bitcoin exchange-traded funds (ETFs) ) aroused the interest of institutional investors and continued to increase the scale of investment. These ETFs have been trading for more than two months. The Bitcoin ETF launched in the United States attracted the attention of a large number of institutional investors at the beginning of this year, prompting funds to continue to flow into this field.
Teng said at an event in Bangkok that he initially expected Bitcoin to stabilize around $80,000 by the end of the year. However, he now expects the cryptocurrency to surpass this price milestone due to reduced supply and continued demand.
Teng emphasized that his forecast represented his opinion and acknowledged that the market’s rally was not without its difficulties. He firmly believes that market volatility will ultimately help the entire ecosystem.
Teng emphasized that inflows into the U.S. Spot Bitcoin ETF have continued since its approval in January. He said more institutions and family offices may quickly increase allocations to Bitcoin ETFs.
Richard Teng took over as CEO after Binance co-founder Changpeng Zhao (CZ) resigned last November following a $4.3 billion settlement with U.S. authorities.
Digital asset inflows soar
In a recent blog post, digital asset investment company CoinShares announced that digital asset investment products experienced record weekly inflows, reaching $2.9 billion last week.
This surpassed the all-time high of $2.7 billion set the previous week. Additionally, these inflows bring the year-to-date (YTD) total to an impressive $13.2 billion, surpassing the $10.6 billion for all of 2021.
Record-breaking crypto asset inflows last week | Source: CoinShares
Last week’s trading volume reached $43 billion, matching the previous week’s record and accounting for 47% of total global Bitcoin trading volume.
During this period, global exchange-traded products (ETPs) surpassed the $100 billion mark for the first time. However, due to price adjustments over the weekend, the total was finally settled at $97 billion.
Regionally, the United States observed large inflows of $2.95 billion, while Australia, Brazil, and Hong Kong saw smaller inflows of $5 million, $24 million, and $15 million respectively.
Conversely, Canada, Germany, Sweden and Switzerland experienced a combined $78 million in outflows during the same week. On the other hand, outflows of $685 million have been observed so far this year.
Bitcoin dominated inflows last week, receiving $2.86 billion, accounting for 97% of all inflows year-to-date. Interestingly, short Bitcoin positions witnessed their largest inflows in a year, totaling $26 million, marking the fifth consecutive week of increased interest in the space.
The above is the detailed content of Binance CEO predicts Bitcoin price will exceed $80,000 due to ETF inflows. For more information, please follow other related articles on the PHP Chinese website!