Bitcoin ETF

Bitcoin

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-etfs-set-to-propel-btc-to-record-highs/" data-wpel-link="internal">Bitcoin ETFs Set to Propel BTC to Record Highs</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/bitcoin-mining-profitability-hits-19-month-high/" data-wpel-link="internal">Bitcoin</a></strong> ETFs’ record-breaking success has led to a significant increase in demand. Some interpret this development as an indication that Bitcoin’s price could reach record levels. Bitwise Chief Investment Officer Matt Hougan recently stated that following the success of the newly approved exchange-traded funds (ETFs), Bitcoin is preparing to chart a new course and that BTC’s price could exceed $80,000 this year.</p> 
<h2 style="text-align: justify" id="bitcoin-etfs-to-drive-btc-to-record-levels">Bitcoin ETFs to Drive BTC to Record Levels</h2> 
<p style="text-align: justify">ETFs have led to a continuous flow of funds since the middle of January, increasing the demand for Bitcoin. Hougan mentioned that Bitwise, which launched a spot ETF called <strong>BITB</strong> along with nine other products on January 10, encountered more demand than expected from clients interested in such a product.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-316103 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/Matt-Hougan-coin-turk-com-.jpg" alt="" width="2048" height="1366"></p> 
<p style="text-align: justify">Hougan noted that ETFs typically experience gradual growth after launch, but the continuous demand over the past month was a surprise. He predicts that demand will increase as more institutions move to invest in Bitcoin due to the expanded access they provide, saying:</p> 
<blockquote> 
 <p style="text-align: justify">“Think of the ETF launch as Bitcoin’s IPO in the US market. It created a significant wave of interest from traditional <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">finance</a> and exceeded my expectations.”</p> 
</blockquote> 
<h2 style="text-align: justify" id="success-in-the-making">Success in the Making</h2> 
<p style="text-align: justify">The belief that spot <strong>Bitcoin ETFs</strong> are successful has become widespread in the market. Bitwise has also achieved success. Just in the last day, it saw its second-largest inflow of approximately $126.5 million and surpassed $1 billion in assets under management.</p> 
<p style="text-align: justify">Hougan stated that ETFs are not yet accessible to every financial institution and that most of the trading is done by individual investors. However, he mentioned that each ETF is subjected to a thorough evaluation by these institutions before being offered to customers.</p> 
<h2 style="text-align: justify" id="bitcoin-price-may-continue-to-rise">Bitcoin Price May Continue to Rise</h2> 
<p style="text-align: justify">Analysts believe that Bitcoin’s price is affected by supply and demand, and this “second wave of demand” from institutions could continue to push prices higher. <strong>Bitwise</strong> predicts in its research that Bitcoin will trade above $80,000 due to entries into spot ETFs and the anticipated supply shortage following the upcoming Bitcoin halving.</p> 
<p style="text-align: justify">Bitcoin’s halving is rapidly approaching, and it is indicated that this could occur on April 20. Hougan says, “If we see such a continuous demand exceeding the net supply, it will also be positive for the Bitcoin price.”</p> 
<p style="text-align: justify">Although reaching these high prices may not be easy, there are risks involved. Particularly, risks associated with new regulations concerning cryptocurrencies in the United States continue to create uncertainty.</p> 
<h2 style="text-align: justify" id="emphasis-on-bitcoin-pools">Emphasis on Bitcoin Pools</h2> 
<p style="text-align: justify">Assets in Bitcoin pools that do not move outside the current supply also create a variable. <strong>Hougan</strong> pointed out that about 70% of the Bitcoin in these pools has not been used yet and could create supply pressures that drive prices down if released into the market.</p> 
<p style="text-align: justify">With increasing interest in Bitcoin among large financial institutions, the current landscape with ETFs promises more returns for Bitcoin adoption. Hougan emphasizes this point:</p> 
<blockquote> 
 <p style="text-align: justify">“There has been a ‘step by step’ change in the level of interest Wall Street shows in Bitcoin, and I don’t think this genie is going back in the bottle.”</p> 
</blockquote> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-etfs-set-to-propel-btc-to-record-highs/" data-wpel-link="internal">Bitcoin ETFs Set to Propel BTC to Record Highs</a></h5>

Bitcoin ETFs Set to Propel BTC to Record Highs

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