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Crypto
ETH
Bitcoin ETF(ETF)

$9.02e-4

-6%

Market Cap
N/A
 

Volume (24h)
8.89k
 

43.34%

Released on 19 Oct 2023
Crypto News
Crypto News
Valkyrie Expands Bitcoin Offerings with the Launch of 2x Leveraged Bitcoin Futures ETF
3 days ago
Cointelegraph
Cointelegraph
followers

Bitcoin (BTC) saw continued weakness into Feb. 23 as consolidation accompanied a brief slowdown in institutional investment.  BTC/USD 1-day chart. Source: TradingView Bitcoin ETFs bounce back from day of outflows Data from Cointelegraph Markets Pro and TradingView showed BTC price action struggling around $51,000. Bulls remained caught in a narrow trading zone, in place for more than a week, as concerns surfaced over inflows to the spot Bitcoin exchange-traded funds (ETFs). These slowed considerably in recent days, with Feb. 21 even seeing a net outflow of some $36 million, per data uploaded to X (formerly Twitter) by sources including BitMEX Research. Same data in BTC terms.694 BTC net outflow on 21 Feb 2024 pic.twitter.com/mpqoo44VA2 — BitMEX Research (@BitMEXResearch) February 22, 2024 Feb. 22 saw stronger activity — net inflows of just over a quarter of a million dollars, even accounting for outflows from the Grayscale Bitcoin Trust (GBTC). “Normality resumed a $251M inflow into the Bitcoin ETFs,” James Van Straten, research and data analyst at crypto insights firm CryptoSlate, responded. Continuing on the pace of buying from the ETF operators, Thomas Fahrer, CEO of crypto-focused reviews portal Apollo, predicted that the largest of them, BlackRock’s iShares Bitcoin ETF (IBIT), would in future change BTC supply dynamics. “98% of all the #Bitcoin in existence already costs >100K if you tried to buy it,” he argued alongside a chart of IBIT holdings. “Remember that the current price is just the marginal trade. Blackrock is going to test this theory, so we'll find out soon enough.” Spot Bitcoin ETF holdings (screenshot). Source: Apollo As of Feb. 23, IBIT held 124,535 BTC ($6.35 billion), per data from Apollo’s own ETF tracker. BTC price nears "trend inflection point" Focusing on low-timeframe BTC price analysis, meanwhile, popular trader Skew captured the mood among seasoned market observers. Related: Bitcoin pre-halving ‘pullback’ calls for $45K BTC price support retest The uptrend, he concluded, remained intact, but important support levels were now coming back into play. These were the 88-period and 100-period exponential moving averages (EMAs) on the 4-hour chart at $50,017 and $49,654, respectively, along with the 18-period EMA on the daily chart at $49,645. “Currently price trades around range low & 4H 55EMA which typically is a near term trend inflection point, meaning momentum picks up soon,” part of his latest X analysis read. “Buyers & Sellers likely to fight here for control.” BTC/USD 4-hour chart with EMA data. Source: TradingView This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

2 days ago
CoinDesk
CoinDesk
followers

The price of bitcoin {{BTC}} has not been moving as closely in relation to flows in and out of the spot ETFs as it previously did, according to JPMorgan. On Wednesday, the correlation between the two asset classes dropped to 0.60, said analyst Ken Worthington in a note Thursday morning to the bank's clients. That's down from 0.78 on Feb 7., said Worthington, and from as high as 0.84 on Jan. 31. Worthington said a number above 0.70 is considered "highly correlated," and just below would be "moderately correlated." Inflows accelerated last week when investors poured a record $2.4 billion into the funds, the largest amount in their short history. The inflows continue to be dominated by BlackRock’s IBIT and Fidelity’s FBTC, which to this point have garnered nearly $11 billion in AUM. For now, it appears that flows are following price, with bitcoin's sharp gains in early February leading to a jump in money going into the ETFs. The leveling in price of the last few sessions has may have been the trigger for softer inflows into the funds.

3 days ago
Coinpedia
Coinpedia
followers

The post Bitcoin ETF Approved: Exploring the Next Big Catalyst For Crypto Bull Run 2024 appeared first on Coinpedia Fintech News Bitcoin kicks off the new year with a bang, soaring to a new high of $46,000. But here’s the real kicker – 2024 is not just any year; it’s a year of monumental events that have the entire market buzzing with anticipation.  While many analysts are throwing around bold predictions, some even predicted that the price of Bitcoin will reach $150,000 by the end of 2024. But why the hype? What’s driving these bullish forecasts? That’s exactly what we’re here to uncover.  In today’s article, we’ll dive into the major events lined up for 2024, the catalysts that could send the market into a frenzy. Bitcoin ETF Now, let’s talk about one of the bullish events of 2024, which is the Bitcoin Spot ETF. After a decade of anticipation, the SEC’s groundbreaking approval of 11 Bitcoin ETFs on January 10, 2024, marked a pivotal moment in cryptocurrency regulation.  Bloomberg’s bold forecast predicted an astounding $4 billion in trading volume on the first day, with $2 billion potentially flowing from BlackRock’s ETF. This opens a gateway for Bitcoin into the $45 trillion US stock market.  Before the approval, high-stakes gamblers flocked to Polymarket, wagering a staggering $12.6 million on the ETF’s fate. Those who bet “yes” are now celebrating their lucrative triumph. For a detailed understanding of Bitcoin ETFs, check out our informative video linked in the description. Bitcoin Halving Event So the next super bullish of 2024 is Bitcoin Halving, which comes every 4 years. After this event, it has been seen that Bitcoin broke its previous all-time high and created its new all-time high.  So if we go to history and see the price here, in the halving of 2012, Bitcoin was around $12. And after that halving, it was trading above $1000. Means straight 90X.  As the next halving approached in 2016, Bitcoin was worth $670. After the halving, it jumped to $19,700. Look at this: from 2012 to 2016, during the halving, Bitcoin went up from $1000 to $19,700. That’s a big jump! That is around 19.7X.  In 2020, during the last Bitcoin halving, the price was around $8787. After the halving event, it soared to an impressive $69,000. That’s a substantial increase, isn’t it? Now, if we look back from 2016 to 2020, specifically during the halving periods, the price climbed from $19,000 to approximately $69,000. That is around 3.6X.  Following this pattern, we can expect what will happen after the 2024 halving, we might see the Bitcoin value going up at least 3X. This means BTC can go from $140,000 to $150,000. If Bitcoin follows its past trends, it could reach at least $150,000 in 2024 after the halving, breaking its previous all-time high. But this year, in 2024, only Bitcoin halving is a minor event. In fact, going to happen, which are very major. And these events have been waiting in the market for a very long time. US Presidential Election Now the third and most important event for the crypto industry is the US presidential election, which is set to take place on 5 Nov 2024 and has direct effects on the market. The reason is that Joe Biden, Donald Trump, and KF Kennedy all these presidential candidates are pro-Bitcoin supporters. So here, if any of them wins the election, we can see a positive impact on the price of Bitcoin.  To learn more about it, we’ve made a detailed video covering the upcoming 2024 US presidential election and the possible candidates. Fed Rate Cut Now, the fourth and most important reason here is the inflation rate cut down. So if you remember, in the last bull run in 2021, whenever the market pumped here, one of the biggest reasons was the inflation rate hype.  So after every FOMC meeting, the interest rates used to increase here. The direct impact of this is seen on the money market, whether it is the stock market or Bitcoin. So this year, there are chances that the inflation rate will be cut down here and because of this, we can see a positive impact on Bitcoin.  Conclusion  Well, these are some major events that are going to happen in 2024, which can take the price of BTC to more than 150K, 200K, or more.  What do you think? How much can Bitcoin reach? 

3 days ago

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