Bitcoin

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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-surges-as-bears-face-unexpected-losses/" data-wpel-link="internal">Bitcoin Surges as Bears Face Unexpected Losses</a> 
<a href="https://coin-turk.com/boganin-en-iyi-kripto-yorumcusu-2024-basinda-btc-bu-fiyatta-olacak" data-wpel-link="internal">Bitcoin</a>‘s (<a href="https://coin-turk.com/5-olay-yakinda-kripto-para-yatirimcisini-ya-surundurecek-ya-guldurecek-bitcoin-fiyat-tahmini" data-wpel-link="internal">BTC</a>) recent price surge is largely attributed to the high fund inflows into US-based spot <a href="https://coin-turk.com/proshares-bitcoin-etfine-ilk-dakikadan-buyuk-ilgi-btc-fiyati-63-000-dolarin-uzerini-gordu" data-wpel-link="internal">bitcoin</a> ETFs. These ETFs began trading on January 11, and by March 5, the largest cryptocurrency reached an all-time high (ATH). Despite a sharp market downturn following the record high, <a href="https://en.coin-turk.com/exploring-the-potential-uptrend-in-bitcoin-and-ethereum-prices/" data-wpel-link="internal">Bitcoin</a> remains up over 50%. 
<h2 style="text-align: justify" id="strong-bitcoin-bears-in-shock-strong">Bitcoin Bears in Shock</h2> 
Bitcoin’s show of strength has left market bears facing heavy losses due to a series of unexpected events. Recent short squeezes on February 27, February 28, and March 4 thwarted bears’ attempts to position against the price rise. Their efforts failed against the market’s strength and upward momentum. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-323663" src="https://coin-turk.com/wp-content/uploads/2024/03/Bitcoin-BTC-Fiyat.jpeg" alt="" width="1280" height="720"> 
Latest data from the on-chain data platform CryptoQuant shows that the premium on <a href="https://en.coin-turk.com/what-is-a-stop-order-on-crypto-exchanges/" data-wpel-link="internal">Coinbase</a>, the largest US-based cryptocurrency exchange, has reached its highest level since September of the previous year. This increase reflects the urgent interest of US institutional investors to buy <a href="https://en.coin-turk.com/what-is-bitcoin-mining/" data-wpel-link="internal">BTC</a>, driven by the fear of missing out (FOMO). 
Despite concerns about a potential price correction, confidence in Bitcoin’s long-term prospects remains unshaken. On-chain data platforms reveal that speculative traders have repeatedly attempted to position against Bitcoin’s price rise, with all attempts ending in failure and shocking them. The strong participation of US institutional investors in the market has been a primary source of disappointment for these speculators, and experts anticipate the continuation of Bitcoin’s price rise due to this factor. 
<h2 style="text-align: justify" id="strong-spot-etfs-attract-strong-interest-strong">Spot ETFs Attract Strong Interest</h2> 
Since their launch in mid-January, nine spot ETFs have indicated strong demand from investors, witnessing over 7.5 billion dollars in BTC inflows. This surge in interest in spot ETFs coincides with outflows from Grayscale‘s GBTC fund, which the SEC has greenlit for conversion into a spot ETF. 
Furthermore, March 5 marked the highest trading volume day for these ETFs, reaching nearly 10 billion dollars, with BlackRock‘s spot ETF fund IBIT contributing significantly to this record accumulation. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-surges-as-bears-face-unexpected-losses/" data-wpel-link="internal">Bitcoin Surges as Bears Face Unexpected Losses</a></h5>

Bitcoin Surges as Bears Face Unexpected Losses

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