Bitcoin ETF

Bull Market

Bitcoin

Percent

According to Grayscale, Bitcoin, the world's largest cryptocurrency, is currently experiencing a significant bull market.
According to a report published by the company, this bull cycle is driven by a combination of technical and fundamental factors such as spot Bitcoin ETF fund inflows, positive stablecoin flows, and Total Locked Value (TVL) growth in DeFi applications.
Grayscale analysts believe that based on cyclical indicators, we are currently in the middle of this bull run. Analysts argue that in the current situation, there is still room for continued growth according to trends.
Over the past month, the Bitcoin price has soared, surpassing all-time highs in the US and quickly recovering from 2023 lows. Across more than 30 currency pairs, Bitcoin had reached all-time highs even earlier.
Related News: <a href="https://en.bitcoinsistemi.com/why-is-the-price-of-binances-latest-launchpool-altcoin-soaring-up-almost-50-percent-in-one-day/" target="_blank" rel="noopener noreferrer nofollow">Why is the Price of Binance's Latest Launchpool Altcoin Soaring? Up Almost 50 Percent in One Day</a>
According to analysts, it can be difficult to precisely define a bull market. But a practical approach would be to consider bull markets as cycles of approximately three to four years, starting at the lowest price points of previous cycles. These cycles are typically characterized by a gradual upward trend in prices, peaking at the highest points of the cycle, followed by a period of stabilization or slight decline.
According to the Grayscale report, the current bull market differs from previous ones due to the rapid change in positive market dynamics, largely influenced by spot Bitcoin ETF inflows. Since ETF approvals in January, these inflows have consistently exceeded new Bitcoin production by more than threefold as of mid-March, putting upward pressure on the price.
There has also been a noticeable decline in Bitcoin held on exchanges since the local Bitcoin supply peak in May 2023, with a 7% decrease. This points to a supply squeeze caused in part by spot Bitcoin ETFs moving BTC into custodial cold wallets for long-term storage. The move away from exchanges, traditionally seen as a bullish indicator, signals a preference for holding rather than selling and investors' confidence in Bitcoin's value, analysts say.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/are-we-in-a-bull-market-for-bitcoin-grayscale-analysts-answer-2/" rel="noopener noreferrer nofollow">Are We in a Bull Market for Bitcoin? Grayscale Analysts Answer</a>

Are We in a Bull Market for Bitcoin? Grayscale Analysts Answer

Bitcoin Sistemi EN

Other articles published on Mar 27, 2024

Crypto game ‘Munchables’ faces exploit worth $62M ETH, more inside

Pushd stage 6: Hedera and Injective Protocol interest surges

OPZ Launches AI-Powered Wallet on iOS/Android and Raises $200K+ Within Hours (27 Mar)

Ether fi Price: Is ETHFI Worth Investing in 2024?

The FDA Release New White Paper on AI and Medical Products

KAVA Price Prediction: Will KAVA Price Attain $5 Mark?

Join our free newsletter for daily crypto updates!