Bitcoin ETF

Bitcoin

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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-continues-to-climb/" data-wpel-link="internal">Bitcoin Price Continues to Climb</a> 
<a href="https://en.coin-turk.com/those-names-speak-now-bitcoin-btc-analysis-from-three-experts/" data-wpel-link="internal">Bitcoin</a> price today continued its upward momentum, approaching the $53,000 level after reaching an intraday high of $52,820. Throughout the week, Bitcoin gained 14.5% in value, and over the year 2024, it has increased by 22%. Consistent spot BTC ETF inflows, the upcoming halving event, and on-chain data are the primary factors behind the recent rally. 
<h2 class="p1" style="text-align: justify" id="why-is-bitcoin-rising">Why Is Bitcoin Rising?</h2> 
Data from blockchain analytics firm Coinglass indicates that the open interest in the futures market is at $23.85 billion, which is close to the record level of $24 billion reached in mid-November 2021 when Bitcoin soared above $69,000 to its all-time high. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-315351 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/coinglass.png" alt="" width="2713" height="767"> 
Bitcoin’s open interest has increased by 102% since mid-October, coinciding with Bitcoin’s 93% gain during the same period. The rapid increase in open positions matches Bitcoin’s sharp rise from $45,000 to $69,000 in 2021. 
The rise in open positions indicates a renewed interest in Bitcoin among investors, reflecting a continuous influx of new money into the Bitcoin market, particularly due to positive entries into new spot Bitcoin exchange-traded funds (ETFs). 
<h2 class="p1" style="text-align: justify" id="noteworthy-developments">Noteworthy Developments</h2> 
Another factor strengthening Bitcoin’s upward trend is the steady capital inflow into spot Bitcoin ETF funds. Spot Bitcoin ETFs are currently seeing over $3 billion in net inflows, outperforming the initial performance of Gold ETF funds after their launch 20 years ago. According to Bloomberg Intelligence analyst Eric Balchunas, it took $GLD approximately two years to reach the same milestone. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-315349" src="https://coin-turk.com/wp-content/uploads/2024/02/eric-tweet.png" alt="" width="500" height="554"> 
It should be noted that about half of these inflows occurred in the last six days alone, averaging $450 million per day. On February 14th, Grayscale’s Bitcoin ETF fund IBIT broke its own weekly volume record with $760 million in weekly inflows. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-315348" src="https://coin-turk.com/wp-content/uploads/2024/02/balchunas-tweet.png" alt="" width="500" height="539"> 
Data from Farside Investors shows that nine new spot Bitcoin ETF funds have accumulated approximately 1.09 billion dollars worth of a total of 10,795 Bitcoins, with BlackRock’s IBIT leading with a total of 4,843 Bitcoins valued at 251 million dollars. LinkPool CEO Jonny Huxtable commented on the matter: 
<blockquote> 
 “The inflows we’re seeing into spot Bitcoin ETF funds and the broader interest, especially with only 58 days left until the Bitcoin halving event, signal a very significant moment in global markets. The increasing interest reflected in 11 Bitcoin ETF products underscores the growing institutional and retail adoption of blockchain <a href="https://newslinker.co/category/technology/" data-wpel-link="exclude">technology</a> in global financial markets.” 
</blockquote> 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-315345 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/etf-flows.webp" alt="" width="1181" height="1024"> 
The upcoming Bitcoin halving event, which is expected to halve the rewards given to miners, is also anticipated to play a significant role in further increasing investors’ interest in Bitcoin. Historically, the halving event has occurred before Bitcoin reached new record levels in the months following the event. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-continues-to-climb/" data-wpel-link="internal">Bitcoin Price Continues to Climb</a></h5>

Bitcoin Price Continues to Climb

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