Bitcoin ETF

Bitcoin

Spot

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-soars-setting-new-records/" data-wpel-link="internal">Bitcoin Price Soars, Setting New Records</a><br></p>
<p style="text-align: justify"><strong><a href="https://coin-turk.com/cantering-clark-kriptoda-para-kazanmak-cok-kolay-sadece-bunu-yapin-dedi-ve-tuyoyu-verdi" data-wpel-link="internal">Bitcoin</a> price</strong> soared to $69,990 (<a href="https://en.coin-turk.com/gulf-binance-launches-public-cryptocurrency-exchange-service-in-thailand/" data-wpel-link="internal">Binance</a> Spot) following the opening of the U.S. market, establishing a new historical high. It is currently difficult to speak of a true peak for <a href="https://en.coin-turk.com/bitcoins-critical-metric-could-have-a-big-impact-on-btc-price/" data-wpel-link="internal">Bitcoin</a>, as it has only recently surpassed $20,000, and the $69,000 target is still some distance away. So, what will the historical peak of this cycle be?</p> 
<h2 style="text-align: justify" id="bitcoin-btc-and-high-demand">Bitcoin (BTC) and High Demand</h2> 
<p style="text-align: justify">On the last trading day of the week, the <strong>Bitcoin price</strong> experienced a delightful rise before redirecting towards the $67,000 region. Despite a slight push down due to intense profit-taking at the peak, this is a story we have seen many times before. It is likely that Bitcoin will gather strength for new highs above $80,000 and strive to reach its true annual peak.</p> 
<p style="text-align: justify">Demand is high, and in the last 7 days, spot Bitcoin ETFs have seen a total net inflow of 24,256 <a href="https://coin-turk.com/bitcoin-btc-fiyati-45-000-dolarin-altini-gordu-balinalar-savas-ilan-etti" data-wpel-link="internal">BTC</a>. The total <a href="https://en.coin-turk.com/bitcoin-to-surge-by-100-in-2024-says-crypto-advocate-nic-carter/" data-wpel-link="internal">BTC</a> reserve size of all ETFs has risen to 802,480 BTC. This currently indicates assets worth $55.25 billion.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-324996 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/BTC-ETF-Toplam-Rezerv.jpg" alt="" width="1280" height="960"></p> 
<p style="text-align: justify">Matthew Howells-Barby, Vice President of Growth at Kraken, said;</p> 
<blockquote> 
 <p style="text-align: justify">“The approval of a spot Bitcoin ETF was a milestone in the history of Bitcoin. The structural impact on liquidity and overall trading volume cannot be overstated… From a regulatory perspective, this represents a significant step forward, especially for the U.S., and can be seen as a major victory for crypto as an asset class.”</p> 
</blockquote> 
<p style="text-align: justify">As you may recall, this was precisely the scenario we discussed in COINTURK articles since June 2023.</p> 
<h2 style="text-align: justify" id="will-bitcoin-reach-100-thousand-dollars">Will Bitcoin Reach 100 Thousand Dollars?</h2> 
<p style="text-align: justify">The current outlook suggests this is possible. For instance, there is only about $140 billion worth of <strong>BTC supply</strong> ready for sale on exchanges. In April, the daily output from miners will also drop by half. Spot Bitcoin ETFs have accumulated close to $25 billion in BTC reserves in just two months, with an estimated net inflow of over $10 billion.</p> 
<p style="text-align: justify">When we put all these factors together, if the current pace continues, we should expect a scenario where the ready-for-sale supply cannot keep up with the demand from ETF issuers. Economist Timothy Peterson suggests that if this pace continues, the price of BTC could exceed $100,000 by October 2024.</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-price-soars-setting-new-records/" data-wpel-link="internal">Bitcoin Price Soars, Setting New Records</a></h5>

Bitcoin Price Soars, Setting New Records

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