Bitcoin ETF

Bitcoin

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Bitcoin continued an impressive run toward its previous all-time high, eliciting vigilance suggestions from Matrixport’s co-founder, who believes a correction is due.&nbsp; 
Matrixport co-founder Daniel Yan <a href="https://x.com/_D_Y_A_N/status/1762822660155740219?s=20" target="_blank" rel="noreferrer noopener">tweeted</a> that a market retrace of as much as 15% may be on the cards sometime in April, the same period industry participants anticipate the quadrennial Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) halving, which will slash mining rewards.&nbsp; 
Yan said the industry is currently experiencing euphoria as crypto’s total market cap climbed above $2.3 trillion, gaining over 6% in a single day per <a href="https://www.coingecko.com/" target="_blank" rel="noreferrer noopener">CoinGecko</a>. Matrixport exec advised caution heading into March, which is typically an uncertain month for cryptocurrencies.&nbsp; 
<blockquote class="wp-block-quote"> 
 I think it will happen in the next month or so, as March is a tricky one from a macroeconomic perspective already (Fed meeting and BTFP). With the Dencun mainnet upgrade soon behind us and Bitcoin halving before us, the month of March could be vulnerable. <cite>Daniel Yan, Matrixport co-founder</cite>
</blockquote> 
The Matrixport co-founder said it’s unclear if a new BTC ATH will arrive before the correction or vice versa but noted that long-term holders have little cause for concern. Short-term traders, however, should remain alert next month, according to Yan.&nbsp; 
 You might also like: <a href="https://crypto.news/qcp-capital-explains-when-to-expect-bitcoins-all-time-high/"> QCP Capital explains when to expect Bitcoin’s all-time high </a> 
<h2 class="wp-block-heading" id="bitcoin-breaks-through-62-000-barrier">Bitcoin breaks through $62,000 barrier</h2> 
Yan’s warning tweets arrived as Bitcoin broke above $62,000 for the time since late 2021. BTC gained over 9% in 24 hours, achieving a 28-month high weeks before the halving event.&nbsp; 
The general sentiment backs spot <a href="https://crypto.news/tag/bitcoin-etf/" target="_blank" rel="noreferrer noopener">BTC ETF</a> demand as the primary driver behind Bitcoin’s price increase. According to SoSoValue, spot BTC ETFs saw net inflows of $576 million on Feb. 27, as BlackRock’s IBIT product made a <a href="https://crypto.news/spot-bitcoin-etfs-record-new-trading-volume-aths-in-2-straight-days/" target="_blank" rel="noreferrer noopener">historical high</a> of $520 million in single-day net inflows. 
Over $6.5 billion has flowed into BlackRock’s spot Bitcoin ETF after trading officially opened on Jan. 11, and the Wall Street titan holds over $8 billion in BTC with Coinbase custody for its exchange-traded fund. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="430" src="https://crypto.news/app/uploads/2024/02/Screenshot-287-1024x430.png" alt="Bitcoin" class="wp-image-14253446">
 <figcaption class="wp-element-caption">
 BTC daily chart | Source: CoinMarketCap
 </figcaption>
</figure> 
 Read more: <a href="https://crypto.news/spot-bitcoin-etfs-record-new-trading-volume-aths-in-2-straight-days/"> Spot Bitcoin ETFs record new trading volume ATHs in 2 straight days </a>

Bitcoin’s dash past $62k spurs caution warning from Matrixport veteran

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