Bitcoin ETF

Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Founder of Blockstream <a href="https://u.today/blockstream-ceo-adam-back-issues-bullish-bitcoin-etf-statement" rel="noopener noreferrer nofollow">Adam Back</a> has addressed his followers on the X/Twitter social network, urging them to keep stacking Sats, and do it “harder,” while Bitcoin is trading at the current price level.
Back cited the popular Duke Nukem character in his tweet today, adding stacking Sats: "It's time to stack sats and chew bubblegum, and I'm all out of gum."
<blockquote>
 "It's time to stack sats and chew bubblegum, and I'm all out of gum." -Duke Nukem, Duke Nukem Forever <a href="https://t.co/NePpJa6MES" rel="noopener noreferrer nofollow">pic.twitter.com/NePpJa6MES</a>— Adam Back (@adam3us) <a href="https://twitter.com/adam3us/status/1783085034796093471?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 24, 2024</a>
</blockquote>
In an earlier tweet today, Back also addressed the Bitcoin community, urging it to “stack Sats harder while you can.”
<blockquote>
 GM. stack harder while you can!— Adam Back (@adam3us) <a href="https://twitter.com/adam3us/status/1783083612549595447?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 24, 2024</a>
</blockquote>
Back did not name the reason, but it seems obvious that he expects the Bitcoin price to skyrocket soon after the recent halving. This “soon” however, may take many months. Still, the fact is that Bitcoin block rewards have shrunk by 50% to 3.125 BTC from 6.25 BTC. The second fact is that spot-based exchange-traded funds continue to accumulate Bitcoin, sucking it up from the market.
<h2 id="bitcoin-etf-runs-positive-for-several-days-now">Bitcoin ETF runs positive for several days now</h2>
@spotonchain analytics account has reported that <a href="https://u.today/blackrocks-bitcoin-etf-about-to-break-major-milestone-after-69-day-inflow-streak" rel="noopener noreferrer nofollow">spot Bitcoin funds</a> continue to see BTC inflows and have been getting positive inflows over the past three consecutive days. On April 23, the BTC net inflow constituted $32 million.
However, all of the 10 Bitcoin ETFs, and in particular BlackRock’s iShares (IBIT), have been having weak flows recently. As for Grayscale, for the past four trading days, its single-day Bitcoin ouflow from GBTC remains under $100 million.
<blockquote>
 🚨 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETF</a> Net Inflow Apr 23, 2024: +$32M!• The net inflow has been positive for 3 consecutive trading days.• The single-day outflow of <a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Grayscale</a> Bitcoin Trust <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$GBTC</a> remains under $100M for 4 trading days in a row.• Generally, all 10 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://twitter.com/hashtag/ETFs?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETFs</a>, especially… <a href="https://t.co/puqBk8faGv" rel="noopener noreferrer nofollow">pic.twitter.com/puqBk8faGv</a>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1782983456060010980?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 24, 2024</a>
</blockquote>
Before the halving took place on April 20, spot Bitcoin ETFs consumed about 12x the amount of BTC produced by miners per day. Back then, the daily amount produced was 900 BTC. Now, it is 50% less – 450 BTC.
In March this year, global pioneer cryptocurrency Bitcoin succeeded in reaching a new historic price high of $73,750. That was the first time BTC reached a new ATH before a halving.

'Duke Nukem' X Post by Blockstream Boss Urges Community to Buy Bitcoin

Table of Contents

U_Today

Other articles published on Apr 24, 2024

How much did miners’ incomes fall after the Bitcoin halving?

Top 5 NFT Marketplaces On Solana This Week By Volume – Magic Eden Takes The Top Spot

Charity Gets A Digital Boost: $2 Billion In Crypto Donations Empower US Causes

Top Altcoins to Hold Next Weeks for Minimum 5-10X Profits

Ethereum Reclaims NFT Market Crown – Could It Be The NFT Bull Run Loading?

Low Investment, High Returns: Discover Cheap Coins with Massive Passive Income Potential

Join our free newsletter for daily crypto updates!