Bitcoin ETFs See $4.5M Inflow, But Miners Could Actually Cause The Next Big Move Up
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 24 2024
0mins
Should l Buy COIN?
Source: Benzinga
Bitcoin and ETF Inflows: Bitcoin spot ETFs saw a net inflow of $4.56 million, driven by Fidelity's FBTC and BlackRock's IBIT, while Grayscale's GBTC experienced a significant outflow of $40.33 million. Ethereum ETFs faced a major outflow of $79.21 million, primarily from Grayscale's ETHE.
Market Analysis and Outlook: Analysts suggest that Bitcoin miner revenues at multi-year lows could lead to price appreciation if miners sell at higher prices. Technical indicators show resistance levels around $66,000, with potential for a new all-time high if current bullish patterns hold.
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Analyst Views on COIN
Wall Street analysts forecast COIN stock price to rise
25 Analyst Rating
17 Buy
7 Hold
1 Sell
Moderate Buy
Current: 195.950
Low
230.00
Averages
361.63
High
440.00
Current: 195.950
Low
230.00
Averages
361.63
High
440.00
About COIN
Coinbase Global, Inc. is a holding company of Coinbase, Inc. and other subsidiaries. The Company provides a platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a variety of activities with their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications. It offers consumers their primary financial account for the onchain economy; institutions a full-service prime brokerage platform with access to deep pools of liquidity across the crypto marketplace, and developers a suite of products granting access to build onchain. The Company offers products and services to various customer groups: consumers, businesses, institutions, and developers. Its transaction products consist of consumer trading, prime trading, markets, base protocol and Coinbase wallet. The Company also provides market infrastructure in the form of exchanges for customers to trade spots and derivatives.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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