Bitcoin 52K! Up Only Mode Initiated? Wall Street Funds Continue to Flow into BTC ETF, Gold ETF Falls Out of Fashion
Bitcoin reached 52,043 on the evening of February 14th on the Binance exchange, leading many analysts to believe that Bitcoin has entered an “Up Only” mode.
Bitcoin ETF has seen a continuous high net inflow for several days. GBTC has significantly reduced its outflow of funds. Is Bitcoin becoming a better opportunity than gold ETF? Is it an unbeatable combination of election year, halving, and ETF?
The overall net inflow of Bitcoin ETF on the previous day remained high, reaching $631 million, with continuous net inflows of over $400 million since February 8th:
– February 8th: $405 million
– February 9th: $541 million
– February 12th: $493 million
– February 13th: $631 million
Analysts supporting this claim believe that if the weekly production of Bitcoin and the weekly net inflow of funds into Bitcoin ETF continue to exceed demand, it will significantly boost the price of Bitcoin.
On February 15th, the Bitcoin value transferred from Grayscale GBTC to Coinbase was only worth $105 million, similar to the past few days, which is a huge difference compared to the initial outflow of hundreds of millions of dollars daily when the ETF was launched. Analysts supporting this phenomenon believe that GBTC has stopped the selling tide, which has had a positive effect on the price of Bitcoin and is also the reason for the overall net inflow of Bitcoin ETF.
According to Bloomberg analysts who continue to track Bitcoin ETF, while Bitcoin ETF is gaining popularity, ETF products related to gold are experiencing a net outflow at an annual level. Many believe that this phenomenon is favorable for Bitcoin products.
The narrative surrounding Bitcoin seems to have excellent support in terms of news. The halving of Bitcoin has caused a significant decrease in production, the support of the US election year for the stock market, and the continuous rise in demand due to Bitcoin ETF. This has led many analysts to be optimistic about reaching new highs this year.
In conclusion, the overall community expects outstanding performance in the second quarter, which seems to have started in the first quarter itself. Will this accelerate the end of this bull market? For experienced players in the cryptocurrency market, knowing when to exit is another art.
ETF
Bitcoin
Gold
