Shift

Strong

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-etfs-attract-strong-interest-as-market-dynamics-shift/" data-wpel-link="internal">Bitcoin ETFs Attract Strong Interest as Market Dynamics Shift</a><br></p>
<p style="text-align: justify">Many investors, including analysts and experts, were anticipating a decline in the price of <strong><a href="https://coin-turk.com/spot-bitcoin-etf-icin-dikkat-ceken-iddia-onayin-onundeki-en-buyuk-engel-gensler-kendisi" data-wpel-link="internal">Bitcoin</a> (<a href="https://coin-turk.com/yatirim-devi-analistinden-kritik-yorum-bitcoin-temel-islem-birimi-olacak" data-wpel-link="internal">BTC</a>)</strong> in February. However, the largest cryptocurrency by market value, with a market cap of $1.22 trillion and a 24-hour trading volume of $55 billion, was trading at the $62,000 level.</p> 
<h2 id="current-state-of-bitcoin-etfs">Current State of Bitcoin ETFs</h2> 
<p style="text-align: justify">Since the Securities and Exchange Commission (SEC) greenlit <a href="https://en.coin-turk.com/bitcoin-price-surges-spot-etf-interest-and-halving-excitement-grow/" data-wpel-link="internal">Bitcoin</a> ETFs in January, the total net inflow reached $7.49 billion by February 29, highlighting the intense interest from investors, especially institutional ones. According to SoSoValue, a company that tracks ETF performance, <strong>BlackRock’s</strong> IBIT ETF continues to be the best performing <strong>ETF</strong>, with a total net inflow of $603 million on Thursday.</p> 
<p style="text-align: justify">On the other hand, Grayscale’s Bitcoin Trust has been struggling with continuous net daily outflows since its conversion to a GBTC ETF. This ETF saw a daily net outflow of $598 on Thursday, significantly reducing the total daily net inflow volume to $92.38 million. The increasing inflows into ETFs continue to alter Bitcoin’s supply and demand environment. Moreover, investors prefer to hold onto their BTCs in anticipation of a major breakout following the February halving event.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-321836 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/btcc.webp" alt="" width="2048" height="1098"></p> 
<h2 id="the-halving-process-in-bitcoin">The Halving Process in Bitcoin</h2> 
<p style="text-align: justify">Halving not only grants Bitcoin its deflationary status but also significantly reduces the amount of new cryptocurrencies entering the ecosystem. Miner rewards will drop from the current 6.25 <a href="https://en.coin-turk.com/expert-crypto-analyst-predicts-bitcoin-price-movements-for-2024-2025/" data-wpel-link="internal">BTC</a> to 3.125 BTC. This gradual reduction in supply, coupled with increasing or stable demand, is expected to drive Bitcoin’s price even higher in a parabolic trend. As demand increases, the <strong>ETF’s</strong> impact on BTC is also expected to be significant. The rise above $60,000 has significantly altered the technical outlook and strengthened it.</p> 
<p style="text-align: justify">Bitcoin tested its highest levels at $64,000 but corrected on Wednesday to test the $60,000 support level. Supported by a sharp rise in FOMO, BTC stabilized above $62,000 on Friday. According to the <a href="https://en.coin-turk.com/galaxy-digitals-strategic-asset-acquisitions-amid-crypto-turmoil/" data-wpel-link="internal">Crypto</a> Fear and Greed Index, investors are currently in extreme greed at 80, compared to 60 in the previous month.</p> 
<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-attract-strong-interest-as-market-dynamics-shift/" data-wpel-link="internal">Bitcoin ETFs Attract Strong Interest as Market Dynamics Shift</a></h5>

Bitcoin ETFs Attract Strong Interest as Market Dynamics Shift

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