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 volatile market activity, Binance CEO Richard Teng believes Bitcoin’s record-breaking rally will continue, pushing its price above $80,000, Bloomberg reported.
Binance CEO is optimistic about Bitcoin
Teng attributed the expected surge to rising institutional investment in newly approved spot Bitcoin exchange-traded funds (ETFs), which have been trading for more than two months. A Bitcoin ETF launched in the United States earlier this year attracted significant attention from institutional investors, leading to new inflows.
Speaking at an event in Bangkok on Sunday, Teng said he initially estimated Bitcoin would hover around $80,000 by the end of the year. However, due to reduced supply and continued demand, he now envisions the cryptocurrency exceeding this milestone.
Teng emphasized that his forecast represents his opinion and acknowledged that the rally will not be smooth sailing. He believes that the ups and downs of the market will ultimately benefit the entire ecosystem.
Finally, Teng highlighted the continued inflows into the U.S. Spot Bitcoin ETF since its approval in January. He expects more institutions and family offices to soon 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 surge
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.
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. #币安CEO #比特币价格
