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: 141.090
Low
230.00
Averages
361.63
High
440.00
Current: 141.090
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 cryptoeconomy; 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. Its platform helps people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and global transfers. It offers products and services to various customer groups: individuals, businesses, institutions, and developers. Its transaction products consist of consumer trading, prime Trading, markets, base protocol and Coinbase wallet.
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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- Holding Analysis: Armstrong emphasized that the majority of customers had native balances of Bitcoin and Ethereum in February equal to or greater than their December holdings, demonstrating a stable investment strategy amidst market volatility.
- Market Indicator Insights: Google search interest for Bitcoin reached a five-month high in February, reflecting increased market attention, while Binance retail traders showed strong Bitcoin optimism in derivatives, with a Long/Short ratio of 1.90.
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- Valuation Disparity for Robinhood: Eisman emphasized the stark valuation disparity between Robinhood and its established competitors, suggesting that the company has little room for error, and any missteps could severely affect its future growth prospects.
- Coinbase Faces Similar Challenges: Coinbase reported a 22% year-over-year revenue decline and also missed earnings per share expectations, with Eisman warning that as long as crypto prices continue to fall, Coinbase's stock price will remain under pressure, reflecting its close ties to the crypto market.
- Cautious Market Outlook: Eisman's commentary suggests a cautious outlook for companies closely linked to retail speculation and the highly cyclical crypto market, especially as Bitcoin has plunged over 45% from its record high, leading to significant declines in the stock prices of both Robinhood and Coinbase.
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- Liquidity Rotation Trend: As AI infrastructure gains traction, investors are increasingly shifting funds towards more promising tech sectors, leading to selling pressure on crypto assets like XRP, which adversely affects its market performance.
- Utility vs. Valuation Pressure: While Ripple has successfully integrated XRP into its payment network and challenged SWIFT, the focus on its real-world utility diminishes during economic uncertainty, increasing valuation pressure that could further impact its market share.
- Future Price Forecast: Analysts predict that XRP's price could drop to $1 or lower by the end of 2026, suggesting that investors should treat it as a utility or infrastructure investment rather than a speculative asset to navigate ongoing market volatility.
See More
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- Market Sell-Off Intensifies: At the beginning of 2026, the cryptocurrency market is experiencing severe selling pressure, with XRP's price dropping by 25% to a market cap of $82 billion, indicating a waning confidence among investors in crypto assets as they rotate into more stable opportunities.
- Liquidity Rotation Impact: As investment interest in the artificial intelligence sector rises, many investors are opting to shift funds from volatile cryptocurrencies to the multi-trillion dollar AI infrastructure supercycle, adversely affecting major crypto assets like Bitcoin and Ethereum.
- Macroeconomic Uncertainty: Rising geopolitical tensions and uncertainties surrounding Federal Reserve monetary policy are exacerbating the challenges for cryptocurrency investors, prompting a flight to safe-haven assets like gold, which further amplifies selling pressure in the crypto market.
- XRP Future Outlook: Analysts predict that if XRP's price continues to decline, it could fall to $1 or lower by the end of 2026, suggesting that investors should treat it as a utility or infrastructure investment rather than a speculative asset to navigate market volatility.
See More
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- Increased Political Spending: The cryptocurrency sector is ramping up its political expenditures ahead of the 2026 midterm elections, with Fairshake super PAC announcing it raised $191 million last month, highlighting the industry's focus on influencing policy.
- Funding Source Analysis: According to FEC filings, Fairshake raised $132.83 million in 2025, and combined with unused funds from the 2024 cycle, its total exceeds $190 million, indicating the financial strength of the industry in political activities.
- Competing PAC Status: The Bitcoin Freedom PAC entered 2026 with $78,667 in cash on hand, which, while relatively modest, still reflects the cryptocurrency sector's intent to engage in the political arena.
- Legislative Obstacles: The crypto market structure bill remains stalled in the Senate due to discord among top PAC backers, which could impact the industry's regulatory outlook and policy development.
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