Accumulate

Bitcoin

BlackRock

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-market-dynamics-long-term-holders-sell-as-etfs-accumulate/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Market Dynamics: Long-Term Holders Sell as ETFs Accumulate</a> 
Experienced cryptocurrency analyst Dylan LeClair recently provided a comprehensive market assessment by analyzing the current state of the <a href="https://coin-turk.com/son-dakika-bitcoin-btc-borsasi-mt-gox-planini-acikladi-btc-fiyati-icin-olumlu-mu" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://coin-turk.com/babadan-kizina-mektup-bitcoin-hakkinda-yanilmisim" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) market. The analyst shed light on the dynamics emerging between long-term investors and newcomers to the market, particularly among spot <a href="https://en.coin-turk.com/a-deep-dive-into-the-relationship-between-us-construction-permits-and-cryptocurrencies/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> exchange-traded funds (ETFs).
<h2 style="text-align: justify" id="strong-long-term-investors-selling-etfs-accumulating-strong">Long-Term Investors Selling, ETFs Accumulating</h2>
According to LeClair’s analysis, a significant shift in supply distribution has begun, with long-term Bitcoin investors starting to sell their <a href="https://en.coin-turk.com/a-shocking-report-on-bitcoin-btc-from-an-analytical-company-changes-in-bitcoin-and-institutional-adoption/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> as ETFs gain popularity in the market. Despite this development, LeClair notes that the demand for ETFs remains very strong, with these funds continuously accumulating more BTC and alleviating concerns about potential sales.
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-324281" src="https://coin-turk.com/wp-content/uploads/2024/03/Dylan-LeClair-Bitcoin-BTC.png" alt="" width="560" height="722">
According to LeClair, the demand for ETFs has exceeded initial expectations, and even as the Bitcoin market rises, nine new ETFs in the US continue to break records with ongoing entries and daily trading volumes. Notably, the world’s largest asset management company BlackRock‘s IBIT fund witnessed a record entry of $788 million on March 5th, when Bitcoin reached its all-time high price. Institutions like BlackRock and Fidelity have since the launch of their ETFs purchased a significant portion of the total Bitcoin supply, amounting to 284,000 BTC.
The analyst emphasized that while long-term investors have started distributing Bitcoin, this is still in the early stages and is balanced by increasing demand from ETFs and institutional investors. He identified various catalysts for further adoption and price increase of Bitcoin, such as the continuation of ETF entries, institutional adoption, and potential sovereign accumulation by countries seeking an alternative to US dollar hegemony.
LeClair predicts that as Bitcoin reaches new price peaks, the distribution by long-term investors will likely increase. However, he expects this supply to be absorbed by rising institutional demand, leading to a sustained upward trend in the market. He described the current market environment as one where long-term investors have begun distributing their assets, but this action is met with overwhelming capital inflows from institutional investors, setting the stage for a dynamic and potentially volatile period ahead.
In terms of Bitcoin’s price outlook, LeClair’s analysis aligns with the latest market movements, where Bitcoin pulled back to $60,000 after refreshing its record at the beginning of the week and then recovered, trading around the $66,000 level.
<h2 style="text-align: justify" id="strong-famous-billionaire-bulls-join-the-rally-strong">Famous Billionaire Bulls Join the Rally</h2>
Despite the sharp pullback on March 5th, billionaire entrepreneur Mark Cuban expressed a strong bullish outlook for Bitcoin, citing its scarcity and increasing demand as factors likely to drive up its price.
Cuban’s forecast underscores Bitcoin’s growing acceptance as a store of value and highlights the long-term growth potential amidst evolving market dynamics.
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-market-dynamics-long-term-holders-sell-as-etfs-accumulate/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Market Dynamics: Long-Term Holders Sell as ETFs Accumulate</a></h5>

Bitcoin Market Dynamics: Long-Term Holders Sell as ETFs Accumulate

Table of Contents

COINTURK NEWS

Other articles published on Mar 7, 2024

Cross-chain Protocol Wormhole to Airdrop 617M Tokens

Santiment Data Shows Wallets Holding AI Coins Witnessing Massive Profits

Bitcoin Tops $67,000 Following Jobless Claims Data; SingularityNET Emerges As Top Gainer

Did Tesla Buy More Bitcoin? Mysterious Wallet Increase Sparks Speculation

Bitcoin (BTC) Ready for New All-Time High: Top Trader

Spain Blocks Worldcoin Project Over Data Privacy Concerns, WLD Token Slides 7%

Join our free newsletter for daily crypto updates!