Wednesday

Bitcoin

April

BlackRock

The global crypto market recorded a slight pushback on Wednesday morning as Bitcoin slid below the recently gained $50,000 price level. BTC’s rally to $50k is backed by many drivers like the launch o of spot <a href="https://news.todayq.com/us-bitcoin-etf-fee-war-is-spilling-over-to-europe/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> and the easing of the Federal Reserve’s <a href="https://news.todayq.com/interest-rates-inflation-crypto-makers-and-shakers/" target="_blank" rel="noopener noreferrer nofollow">interest rate hikes</a>. However, data shows how inflows fueled by spot ETF trading are impacting the world’s largest cryptocurrency. Bitcoin nearing to new ATH 
According to Tedtalksmacro, the impact of net inflows from spot BTC ETFs on the market has been noteworthy. The data since February 5th reveal huge correlations between inflows and Bitcoin’s price surge. During this period, there have been recorded net inflows of $2.38 billion into spot ETFs. This coincides with Bitcoin’s price moving from $42.6k to $49.6k.
The calculated relationship indicates that for every $340,000 in net inflows to spot BTC ETFs, Bitcoin’s price increased by $1. This translates to a $290 increase for every $100 million in net inflows and a $2,900 increase for every $1 billion in net inflows.&nbsp;
On average, approx $265 million flowed into spot ETFs daily during this period. As per the theory, it caused a daily increase of $768 in Bitcoin price.
With Bitcoin currently around $20,000 away from its all-time highs (ATHs), the calculation suggests that, at the current rate of net inflows, it would take approximately 26 days to reach new ATHs. CPI’s impact on markets 
There are several factors that are contributing to Bitcoin’s resilience and upward momentum. One of them is the debut of US exchange-traded funds dedicated to Bitcoin. It is one of the biggest turn-ons for the crypto market. Key players like BlackRock Inc. and Fidelity Investments have attracted a substantial net inflow of $3.3 billion since their inception on January 11th.
Bitcoin’s ability to weather the storm of a strong US inflation print, which impacted global markets, shows its growing status as a hedge against traditional market uncertainties. While the S&amp;P 500 Index registered its worst CPI day performance since September 2022, BTC traded at $49,500, near to its highest level in over two years.
Looking ahead, the upcoming Bitcoin halving in April is anticipated to further support prices by limiting the supply of the digital asset. With Bitcoin having tripled in value since the beginning of last year, traders in the options market are reflecting optimism. They are targeting prices beyond the previous ATH of almost $69,000 achieved in November 2021.
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

Bitcoin bulls fueled by ETFs inflow locks aim at new ATH

Todayq News

Các bài viết khác được xuất bản trên 14 thg 2, 2024

Hospitals In Romania Fighting All Sorts of Attacks, Including Cyber Ones!

South Korea sees sharp 2023 increase in suspicious crypto transactions

Crypto Scams Escalate: Founder of Uniswap Alerts and Deceptive Emails Plague Investors

Genesis Wins Court Approval to Sell $1.3 Billion in GBTC Shares

Will Bitcoin Price Stay Above the $50K Levels for Only 144 Days? Analyst Says FOMO Is Kicking In

Robinhood Revenue Up 10% to $43M, Boosts Coinbase Speculation

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!