Cryptocurrency analyst and trader Michaël van de Poppe is expressing bullish sentiment on Bitcoin (BTC) amid the flagship digital asset recording a double-digit gain over the past seven days.
Van de Poppe tells his 693,200 followers on the social media platform X that net inflows into the spot Bitcoin exchange-traded funds (ETFs) are a bullish catalyst for the largest crypto asset by market cap.
[adinserter block="1"]“The last three trading days the net inflow has equaled to $1.5 billion-plus.
Every day $500 million-plus has been flowing into the markets through the Spot Bitcoin ETFs.
That’s a huge sign.
Institutions are interested, Bitcoin is getting mature, this market is going to accelerate.”
Bitcoin is trading at $51,510 at time of writing, up by nearly 20% over the last seven days.
According to the widely followed analyst, Bitcoin could rally by up to around 10% from the current level before the halving scheduled for April.
“If $46,000 holds, I suggest we’re seeing $53,000 – $57,000 pre-halving.”
Turning to Ethereum (ETH), Van de Poppe says that the second-largest crypto asset by market cap could see increased demand as spot Ethereum ETF applications by institutional investors in the United States increase.
“VanEck, ARK, Hashdex, BlackRock, Fidelity, Grayscale, and Invesco have filed their Spot Ethereum ETF applications in Q4 2023.
Franklin Templeton has joined the race and filed for a Spot Ethereum ETF.
The rotation towards ETH is closer than we think.”
Franklin Templeton filed an application with the U.S. Securities Exchange Commission (SEC) for a spot Ethereum ETF on February 12th.
Ethereum is trading at $2,753 at time of writing.
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