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Bitcoin ETF

Bitcoin

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In a recent report from Coinbase, analysts have identified a range of factors they believe will support the price of Bitcoin in the forthcoming months. According to the cryptocurrency exchange’s weekly analysis, the adaptation to the new <a href="https://coingape.com/spot-bitcoin-etf-approved-heres-why-grayscale-is-the-biggest-winner/" rel="noopener noreferrer nofollow">exchange-traded fund</a> (ETF) landscape by institutional investors is expected to maintain a robust foundation for Bitcoin’s market dynamics. This comes as the digital currency landscape witnesses significant net inflows into U.S. spot Bitcoin ETFs, indicating a growing institutional interest that could be pivotal in shaping Bitcoin’s value trajectory.
<h2 id="strong-institutional-inflows-signal-strong-support-strong">Institutional Inflows Signal Strong Support</h2>
Coinbase’s report sheds light on the substantial institutional inflows into the eleven existing U.S. <a href="https://coingape.com/are-investors-flocking-to-blackrocks-spot-bitcoin-etf/" rel="noopener noreferrer nofollow">spot Bitcoin ETFs</a>, amounting to over $4.2 billion year-to-date. This surge is underscored by the record-setting daily inflow into BlackRock’s iShares Bitcoin Trust (IBIT) fund, which saw an influx of $493.12 million. The analysts compare the historical inflows into Gold ETFs, noting that the initial month of net inflows for<a rel="noopener noreferrer nofollow" href="https://www.coinbase.com/en-gb/institutional/research-insights/research/weekly-market-commentary/weekly-2024-02-16"> Bitcoin ETFs has outpaced</a> those attracted by State Street’s SPDR Gold Shares ETF, one of history’s most successful ETF launches. Such parallels highlight the growing confidence among institutional investors in Bitcoin as a viable investment asset.
Moreover, Bloomberg’s data places <a rel="noopener noreferrer nofollow" href="https://www.bloomberg.com/news/articles/2024-02-12/bitcoin-etfs-are-deemed-a-success-by-key-measures-one-month-since-debut">BlackRock’s IBIT and Fidelity’s</a> Wise Origin Bitcoin Fund (FBTC) among the top performers in new ETF launches over the past three decades, a testament to the burgeoning interest in digital assets from the institutional sector. This influx of institutional capital is viewed as a significant supporting factor for Bitcoin, potentially stabilizing its price and fostering a conducive environment for its appreciation.
<h2 id="strong-coinbase-bitcoin-s-resilience-defies-market-norms-strong">Coinbase: Bitcoin’s Resilience Defies Market Norms</h2>
Coinbase analysts also point to technical indicators that benefit Bitcoin’s market position. The digital currency has reportedly found strong support at its 100-day moving average, a sign often interpreted by traders as a bullish indicator for sustained price support and potential growth.&nbsp;
This technical resilience is particularly noteworthy given the concurrent strength of the <a href="https://coingape.com/wall-street-estimates-for-us-cpi-and-core-cpi-bitcoin-btc-price-to-45k-or-55k/" rel="noopener noreferrer nofollow">U.S. dollar index </a>(DXY), which has risen by almost 3% since the beginning of February. Despite the traditional inverse relationship between a stronger dollar and investment in risk assets like Bitcoin, the cryptocurrency has managed an impressive surge of almost 24% in the same period.
This defiance of traditional market correlations further underscores Bitcoin’s evolving narrative as a ‘digital gold’ and a hedge against traditional financial market fluctuations. As <a href="https://coingape.com/price/bitcoin/#:~:text=Live%20Price%20of%20Bitcoin%20(BTC,market%20cap%20stands%20at%20%241%2C013%2C764%2C204%2C617." rel="noopener noreferrer nofollow">Bitcoin continues</a> to trade positively, with its value surpassing $51K, the digital asset cements its position as a leading contender in the alternative investment space, attracting diverse investors looking for yield and diversification in a volatile market landscape.
Read Also: <a href="https://coingape.com/spot-bitcoin-etf-issuer-vaneck-slammed-1-75m-fine-by-sec-heres-why/" rel="noopener noreferrer nofollow">Spot Bitcoin ETF issuer VanEck Slammed $1.75M Fine by SEC, Here’s Why</a>
The post <a href="https://coingape.com/coinbase-anticipates-bitcoin-boost-from-institutional-buys/" rel="noopener noreferrer nofollow">Coinbase Anticipates Bitcoin Boost from Institutional Buys</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Coinbase Anticipates Bitcoin Boost from Institutional Buys

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