Bitcoin

Propel

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoins-price-soars-as-bears-take-a-hit" rel="noopener noreferrer nofollow">Bitcoin’s Price Soars as Bears Take a Hit</a><br></p>
<p style="text-align: justify">The recent spike in <a href="https://en.bitcoinhaber.net/bitcoins-path-to-a-100000-valuation-gains-momentum" rel="noopener noreferrer nofollow">Bitcoin</a>‘s value has been largely driven by substantial capital pouring into US-based Bitcoin exchange-traded funds (ETFs) since their initiation in mid-January. By early March, the premier digital currency had reached unprecedented heights despite a subsequent market pullback, maintaining an overall increase of more than half its previous value.</p>
<h2 id="market-bears-caught-off-guard">Market Bears Caught Off-Guard</h2>
<p style="text-align: justify">A resilient Bitcoin has caught pessimistic investors by surprise, leading to significant losses. Attempts to bet against its ascending price were frustrated through a succession of short squeezes that occurred at the end of February and the start of March, bolstering the <a href="https://en.bitcoinhaber.net/march-2024-crypto-forecast-bitcoin-and-ethereums-potential-peak-prices" rel="noopener noreferrer nofollow">cryptocurrency</a>‘s upward trajectory.</p>
<p style="text-align: justify">On-chain analytical data highlights a notable rise in <a href="https://en.bitcoinhaber.net/coinlist-crypto-exchange-settles-with-ofac-for-1-2-million" rel="noopener noreferrer nofollow">Coinbase</a> premium rates, signaling a strong purchase interest from US institutional investors potentially fueled by a fear of missing out. Despite occasional fears of a corrective dip, the market’s confidence in Bitcoin’s enduring value seems undeterred.</p>
<h2 id="institutional-investors-propel-etf-inflows">Institutional Investors Propel ETF Inflows</h2>
<p style="text-align: justify">The launch of nine spot ETFs has seen an overwhelming investor response, attracting over $7.5 billion in Bitcoin inflows. This uptick has occurred alongside withdrawals from Grayscale’s GBTC fund, which is transitioning to a spot ETF following SEC approval.</p>
<p style="text-align: justify">Moreover, these ETFs saw their highest trading volumes on March 5, with trades nearing $10 billion, thanks in part to BlackRock’s IBIT fund. The substantial interest in these spot ETFs suggests a strong market sentiment and points to continued investor appetite for Bitcoin exposure.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoins-price-soars-as-bears-take-a-hit" rel="noopener noreferrer nofollow">Bitcoin’s Price Soars as Bears Take a Hit</a></h5>

Bitcoin’s Price Soars as Bears Take a Hit

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