Bitcoin BTC soars heading into 2024, rising after a closely watched analyst identified a surprising signal that hasn’t disappointed Bitcoin and crypto traders since 2015.
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Bitcoin price is surging towards $50,000 per Bitcoin, approaching the 2024 Bitcoin high reached last month following the introduction of a U.S. spot Bitcoin exchange-traded fund (ETF). — despite a stark warning from Federal Reserve Chairman Jerome Powell.
Bitcoin’s price is currently bracing for an impending planned cut in supply known as the halving, with Wall Street giants like BlackRock BLK and Fidelity buying up huge amounts of Bitcoin.
Bitcoin’s historic halving, which is expected to cause turmoil in cryptocurrency prices, is just around the corner. Sign up for free now crypto codex—Stay ahead of the market with our daily newsletter for traders, investors, and anyone interested in cryptocurrencies.
“The new nine have accumulated more than 200,000 Bitcoins,” said Vettle Lunde, an analyst at K33 Research. Posted This does not include Bitcoin held by the Converted GBTC Bitcoin ETF managed by Grayscale, which holds approximately 470,000 Bitcoin.
“The light turned green and (investor) traffic started moving,” Bandeep Singh Langer, CEO of crypto investment firm Finekia, said in an emailed comment. “As trust in digital assets grows, more drivers are joining ETF Roadway.”
Together, these nine spot Bitcoin ETFs (BlackRock, Fidelity, Bitwise, Ark21Shares, Invesco IVZ, VanEck, Valkyrie, Franklin Templeton, and WisdomTree) account for nearly 21 million Bitcoins in total Bitcoin supply. It will hold 1%.
The Spot Bitcoin ETF, managed by BlackRock, the world’s largest asset management company that manages about $10 trillion worth of customer funds, currently holds about 80,000 Bitcoins (equivalent to $3.7 billion), but Fidelity’s Spot The Bitcoin ETF is the second largest with 68,000 Bitcoins (valued at $3.2 billion). , according to data from Bitmex Research.
Since its launch last month, BlackRock and Fidelity’s Spot Bitcoin ETF has gained trading from Grayscale, in part because of its lower fees.
JP Morgan analysts led by Nikolaos Panigirtzoglou said: “Another reason, other than fees, is that the BlackRock ETF and Fidelity ETF already have an advantage over GBTC on two metrics of liquidity.” JP Morgan analysts led by Nikolaos Panigirtzoglou wrote in a note to clients. coin desk.
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The rapid growth of the U.S. Spot Bitcoin ETF comes as Bitcoin prepares for its next supply cut, with new Bitcoin being awarded to those who maintain the Bitcoin network, known as miners. The number will be cut in half.
“We are rapidly approaching the next Bitcoin halving, scheduled within 80 days,” Ryze Labs analysts said in an emailed market commentary. “About 50 days before the halving, Bitcoin typically begins a slow rally as traders anticipate the halving. In both 2016 and 2020, Bitcoin rose more than 70%.”
The network’s fourth Bitcoin supply halving will see its block reward drop from 6.25 Bitcoins to 3.125 Bitcoins in April.
“Despite near-term challenges to miner revenue, fundamental on-chain activity and positive market structure updates make this halving different on a fundamental level. ” Grayscale researcher Michael Zhao said in a blog post.
“Continued adoption of Bitcoin ETFs could reshape Bitcoin’s market structure by absorbing significant selling pressure and providing a new stable source of price-positive demand.”
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