Bitcoin

Frenzy

Grayscale Bitcoin Trust

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-reaches-new-peak-and-initiates-etf-trading-frenzy" rel="noopener noreferrer nofollow">Bitcoin Reaches New Peak and Initiates ETF Trading Frenzy</a><br></p>
<p style="text-align: justify">In a momentous day for the <a href="https://en.bitcoinhaber.net/nassim-taleb-raises-alarm-over-imminent-u-s-debt-crisis" rel="noopener noreferrer nofollow">cryptocurrency</a> sector, <a href="https://en.bitcoinhaber.net/bitcoin-the-future-of-sustainable-wealth-according-to-a-canadian-visionary" rel="noopener noreferrer nofollow">Bitcoin</a> soared to its highest value since November 2021, only to experience a $10,000 drop due to swift profit-taking and the unwinding of amassed futures contracts. Nevertheless, the premier digital currency demonstrated resilience, trading at around $67,200, signaling sustained investor interest in pushing the limits even higher.</p>
<h2 id="new-heights-for-etfs-following-btc-surge">New Heights for ETFs Following BTC Surge</h2>
<p style="text-align: justify">The impetus for this surge can be traced back to the United States’ endorsement of a Spot Bitcoin Exchange-Traded Fund (ETF), which set the stage for Bitcoin’s ascent. After initially dipping, Bitcoin’s value rebounded strongly, climbing by an impressive $30,500 from its previous position. The introduction of the Spot <a href="https://en.bitcoinhaber.net/anticipation-builds-for-secs-decision-on-bitcoin-etf" rel="noopener noreferrer nofollow">BTC</a> funds on January 11 marked a significant milestone, as shown by the substantial daily trading volumes.</p>
<p style="text-align: justify">The frenzy intensified as ETFs collectively hit a daily turnover close to $10 billion, with Bitcoin analyst Alessandro Ottaviani recording a net volume of $9.58 billion for the funds, shattering the prior record of $7.7 billion. The BlackRock iShares Bitcoin ETF emerged as the volume leader at $3.7 billion, followed by Grayscale Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund with notable volumes of their own.</p>
<h2 id="market-outlook-considering-exchange-supply-and-halving">Market Outlook Considering Exchange Supply and Halving</h2>
<p style="text-align: justify">A significant reduction in the availability of BTC and ETFs on exchanges has been noted, with the latter experiencing nearly $10 billion in net inflows within the past two months. As exchange supplies shrink, ETF issuers are amassing substantial reserves, with BlackRock’s at $10 billion and Fidelity’s exceeding $7 billion. GBTC’s outflows are also diminishing. With the upcoming halving event in April set to decrease the influx of new Bitcoin, the cryptocurrency market is anticipated to maintain its upward trajectory barring any unforeseen calamitous events.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-reaches-new-peak-and-initiates-etf-trading-frenzy" rel="noopener noreferrer nofollow">Bitcoin Reaches New Peak and Initiates ETF Trading Frenzy</a></h5>

Bitcoin Reaches New Peak and Initiates ETF Trading Frenzy

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