Bitcoin

Gold

<p class="is-style-lead">Bitcoin Exchange-Traded Funds (ETFs) experienced a remarkable trading day on March 12, with a record-breaking purchase of 14,261 bitcoins.</p> 
<p>The figure not only surpasses the initial enthusiasm witnessed during the ETFs’ launch but also sets a new high for market engagement. The method for calculating these Bitcoin purchases involves dividing the daily monetary inflow by Bitcoin’s average price, highlighting the ETFs’ significant role in the market.</p> 
<p>After experiencing a downturn in inflows that coincided with a reduction in Bitcoin’s price, the ETFs have shown a strong rebound. Current trends indicate not just a recovery but an ongoing increase in investments. This <a href="https://crypto.news/bitcoin-etfs-acquire-more-than-mining-supplies-amid-record-1-05b-inflow/">surge in demand for Bitcoin through ETFs</a>, contrasted with the daily new supply from mining at approximately 900 bitcoins, is contributing to an upward movement in Bitcoin prices. This gap is expected to expand with the upcoming <a href="https://crypto.news/next-bitcoin-halving-just-15k-blocks-away/">Bitcoin halving event</a>, which will reduce the daily mining output to 450 bitcoins.</p> 
<figure class="wp-block-image size-full is-resized">
 <img loading="lazy" decoding="async" width="800" height="523" src="https://crypto.news/app/uploads/2024/03/1710347554910.jpg" alt="Bitcoin ETFs shatter records with 14,261 BTC bought in a single day, setting stage for price surge - 28" class="wp-image-14258209" style="width: 100%;height:auto">
</figure> 
<p>In a March 14 <a href="https://www.linkedin.com/posts/clive-thompson-661997251_yesterday-tuesday-the-net-bitcoin-purchases-activity-7173717595580186624-L5R3?utm_source=share&amp;utm_medium=member_ios" target="_blank" rel="noopener">post </a>on LinkedIn, Clive Thompson, a former managing director of wealth management with a background in Swiss Private Banking, noted a potential link between the increase in Bitcoin holdings by ETFs and the rise in the cryptocurrency’s price.</p> 
<p>This suggests that ETF activities could play a crucial role in Bitcoin’s market movements. Despite price fluctuations, Bitcoin’s overall trend remains positive, supported by a high Cryptocurrency Fear and Greed Index at 91, indicating a strong market sentiment.</p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-reaches-a-new-ath-accumulation-increases/"> Bitcoin reaches a new ATH, accumulation increases </a> </p> 
<p>The market is currently driven by two main factors: the anticipation of the Bitcoin halving event, which is predicted to initiate the next bull cycle, and the continuous interest in ETFs. The introduction of Bitcoin ETFs has been particularly significant, attracting institutional investment and increasing the cryptocurrency’s mainstream appeal.</p> 
<p>According to Kaiko Research, liquidity depth in the Bitcoin market has hit a new high, with a notable imbalance between bids and asks in order books, suggesting a trend of profit-taking among traders. Despite this, high refinancing rates indicate sustained demand for Bitcoin.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🚀 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#BTC</a> market depth, measuring the quantity of bids and asks on BTC order books, has been on a steady upwards trend over the past few months, hitting more than $600mn last week. <a href="https://t.co/Sq2UTITGk9" target="_blank">pic.twitter.com/Sq2UTITGk9</a></p>— Kaiko (@KaikoData) <a href="https://twitter.com/KaikoData/status/1767252912223519176?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 11, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The rising interest in spot Bitcoin ETFs, both from institutional and retail investors, is making a noticeable impact. With Bitcoin ETFs nearing $60 billion in assets under management (AUM) and rapidly closing the gap with Gold ETFs, which stand at about $98 billion, the momentum suggests a potential shift in investment preferences.</p> 
<p><a href="https://crypto.news/bloomberg-analyst-two-major-catalysts-will-drive-expansion-of-bitcoin-etfs-in-2024/">Eric Balchunas</a> from Bloomberg Intelligence points out that all 10 Bitcoin ETFs are likely to surpass Gold ETFs in AUM. The least ranked among them, <a href="https://crypto.news/tag/wisdomtree/">WisdomTree</a>‘s BTCW, already manages $74 million, placing it in the top 15% of the 108 ETFs launched in 2024, signaling a strong market acceptance and growth potential for Bitcoin ETFs.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">I get asked a lot on intvs whether all Ten btc ETFs will survive and the answer is 100% yes they will all be here in a year. Even the least in aum, <a href="https://twitter.com/search?q=%24BTCW&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTCW</a>, has a healthy $74m. Out of the 108 ETFs launched in 2024 so far it ranks 16th. (top 15%). That's how insane all this is. <a href="https://t.co/ZVQ5ho3u2C" target="_blank">pic.twitter.com/ZVQ5ho3u2C</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1767907772488683684?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 13, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p> Read more: <a href="https://crypto.news/blackrocks-ibit-leads-spot-bitcoin-etfs-with-14-7b-in-aum/"> BlackRock’s IBIT leads spot Bitcoin ETFs with $14.7b in AUM </a> </p>

Bitcoin ETFs shatter records with 14,261 BTC bought in a single day, setting stage for price surge

crypto.news

在 2024年3月14日發表的其他文章

Identity verification startup, Youverify raises $2.5m pre-series A

What are the Implications of Bitcoin and Ethereum ETNs?

Bitcoin Price $100K Overdue: Adam Back

Bitcoin Falls More Than 4% In 24 hours

What is the Real Reason for the Rally in Dogwifhat (WIF) and Other Mem Tokens? Santiment Explained!

Altcoins Rally: Spotlight on XRP, LUNA, and FLOKI’s Market Movements

訂閱免費電子報，每天收取加密貨幣最新動態！