MEMETOON

Content: [Herald Economy &#61; Reporter Yoo Hyun] Bitcoin seems to have stopped soaring and started breathing after surpassing $50,000 in more than two years. However, analysts say that there is enough room to rise as the purchase of Bitcoin Exchange Traded Fund (ETF) is in full swing and the favorable factor of &#34;half-life&#34; is set in April. According to the U.S. ETF magazine &#34;ETF Dotcom&#34; on Wednesday, 1.37 billion dollars flowed into the iShares Bitcoin Trust (IBIT) operated by U.S. asset management firm BlackRock for a week. During the period, the company ranked fifth in inflow among all ETF products. Along with IBIT, Fidelity Wise Origin Bitcoin (FBTC) has secured about 10 billion dollars in operating assets since its launch last month. The net outflow of the Crayscale &#34;Bitcoin Trust&#34; (GBTC), which had been a downward pressure on Bitcoin after the approval of the spot ETF, also plunged below $200 million this month. GBTC was the main reason for the price decline due to strong selling, with up to $640 million being withdrawn in a day on the 22nd of last month. It fell to the level of $51.8 million on the 12th and has remained below $100 million since then. On the 14th, $78 million was leaked. Financial companies analyze that Bitcoin spot ETF buying has led to a recent surge in prices. QCP Capital, a Singapore-based cryptocurrency trading company, said in a recent report, &#34;As liquidity around the world is concentrated in Bitcoin spot ETFs, large inflows of funds are expected to continue. As this trend continues, Bitcoin will be able to easily break its all-time high before March.&#34; Regarding the reason why Bitcoin recovered $50,000 in more than two years, it analyzed that &#34;it is due to the inflow of about $500 million to $650 million worth of funds into Bitcoin spot ETFs every day.&#34; As demand for bitcoin outpaces supply, the prospect of further rise is also bolstered. The net inflow through spot ETFs is 10 times more than the amount of bitcoin mining. Jeff Kendrick, head of digital asset research at Standard Chartered (SC), said, &#34;The winter of virtual assets is over,&#34; and analyzed, &#34;Bitcoin is likely to reach the level of $100,000 (KRW 133.39 million) by the end of this year.&#34; The half-life phase will also arrive in April. Bitcoin&#39;s half-life is not designated as a specific date, but comes when 210,000 blocks are created. When converted into time, it comes periodically every four years and has already gone through three half-lives. In the half-life, Bitcoin&#39;s mining compensation per block is reduced in half. Supply decreases, but the price rises in theory if demand remains the same. The previous three half-lives rose 8450% in 2012, 290% in 2016, and 560% in 2020, respectively. Meanwhile, the possibility of another massive outflow of funds from the GBTC is considered a negative factor. The Southern Bankruptcy Court in New York allowed Genesis Global Holdings, a virtual asset lender, to liquidate its holdings of GBTC worth about 1.3 billion U.S. dollars on the 14th (local time). Source link : <a href="https://t.co/ne00hDjFQA" rel="noopener noreferrer nofollow">https://news.heraldcorp.com/view.php?ud&#61;20240216050623…</a>Full article Twitter link : <a href="https://twitter.com/memetoonk/status/1759250357312798914" rel="noopener noreferrer nofollow">  twitter.com/memetoonk/status/1...</a>

Will Bitcoin Hit an All-Time High Taking Breath After Surging

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