Record-Breaking Day: Spot Bitcoin ETF Trading Exceeds $3 Billion As BTC Eyes Record Peak
30 Octobre 2024 - 12:00AM
NEWSBTC
As Bitcoin (BTC), the largest cryptocurrency by market
capitalization, inches closer to its all-time high of $73,700
reached in March, the US spot Bitcoin ETF market has re-emerged as
a key driver of the cryptocurrency’s recent price surge. On
Tuesday, total trading volume for spot Bitcoin ETFs surpassed $3
billion, coinciding with Bitcoin’s price briefly above the pivotal
$73,000 mark for the first time in over 7 months. Bitcoin ETF
Market Set To Surpass 1 Million BTC Holdings Soon Notably, crypto
investor BigRig observed a remarkable uptick in Bitcoin ETF
purchases over the past two weeks, reporting $2.673 billion in
inflows since October 16. This accounts for a substantial
11.8% of total ETF inflows during this period, suggesting a robust
interest from institutional and retail investors. BigRig also
pointed out that, prior to Tuesday’s trading volume, this period
represented the best day for ETF inflows. Related Reading: Dogecoin
Price Is About To Complete This Breakout To A Descending Megaphone
Pattern, Is $1 Next? Bloomberg ETF analyst Eric Balchunas added to
the optimistic narrative by stating that US spot ETFs are on track
to hold 1 million Bitcoin by next Wednesday, surpassing the
holdings of Satoshi Nakamoto, the enigmatic creator of Bitcoin, by
mid-December with an average addition of about 17,000 BTC per week.
However, Balchunas also cautioned that market volatility could
impact these projections. “Anything can happen,” he noted,
referencing the possibility of a sudden selloff that could delay
the timeline. Conversely, if prices continue to rise and
political factors, such as a potential Trump victory in the
upcoming election, contribute to increased market enthusiasm, the
expert believes that this influx of new investors could accelerate
the pace of Bitcoin’s ascent to new highs. Whale Accumulation Spurs
Optimism Despite heightened activity in the Bitcoin ETF market, the
price of the largest cryptocurrency recently fell short of its
all-time high, retracing to approximately $72,250 at the time of
writing. However, there are positive indicators for Bitcoin
bulls. The cryptocurrency has been consolidating above key support
levels, with strong backing around the $66,000 mark. This
support has effectively prevented any significant decline over the
past week and has contributed to the ongoing rally. However, what
would be a notable bullish indicator would be a sustained
consolidation above the $70,000 level for the bulls, which could
further demonstrate the strength of the current move. Related
Reading: Analyst Says XRP Price Is Ready For A Breakout As Metrics
Turn Bullish, What To Expect Market expert Miles Deutscher has been
vocal about his bullish outlook for Bitcoin, particularly in the
latter months of the year. He recently pointed out a significant
trend: whales—large holders of Bitcoin—are accumulating the
cryptocurrency at an “unprecedented pace.” This observation
suggests that institutional demand for Bitcoin is currently
outpacing retail interest, a shift that could have implications for
massive price movements to the upside in the near future. Deutscher
further highlighted that Bitcoin exchange reserves have reached
all-time lows. This means that the amount of Bitcoin available on
exchanges for trading has dwindled, signaling a supply squeeze.
Featured image from DALL-E, chart from TradingView.com
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