[ad_1]
Bitcoin is Ready to Break All Time High before the Halving!
Bitcoin just made an historical run today, posting 12.52% gain in less than 24 hours!
BTC went from $50,900 to $57,280, an astonishing jump, that has the Crypto market in a frenzy.
The Bitcoin Momentum
Since the launch of the BitcoinETFs on January 11th, Bitcoin has been gaining momentum. On the average, the 9 BitcoinETF issuers, led by BlackRock, Fidelity, VanEck, Bitwise, ArkInvest, and others, have been purchasing over 3,100 Bitcoins per day! This is despite the Bitcoin sales by Grayscale, which has been bleeding BTC since the launch.
According to Cointelegraph:
Trading volumes for the “new nine” spot Bitcoin exchange-traded funds (ETF) have notched a new daily record as Bitcoin (BTC) surged as high as $54,938 on Monday.
Trading volumes for the nine topped $2.4 billion on Feb. 26, beating the prior record of $2.2 billion set on the first trading day — Jan. 11, according to data shared by Bloomberg ETF analyst Eric Balchunas.
The figures on both days excluded volume from Grayscale’s converted Bitcoin ETF product (GBTC).
BlackRock’s IBIT took in the most volume on Feb. 26 with $1.29 billion — setting its own daily record by about 30% — while Fidelity’s FBTC came in second at $576 million.
Flows from the ARK 21Shares (ARKB) and Bitwise (BITB) ETFs tallied $276 million and $81 million respectively.
Bitcoin Supply Shock
This level of Bitcoin demand could easily create a supply shock within the US crypto exchanges. The Youtube channel, CryptoRUs, has long been warning about Bitcoin supply shocks since the release of the BitcoinETFs. Finally, we are beginning to witness the effects of Wall Street capital pouring into Bitcoin. It is no doubt creating a shortage of Bitcoins!
In total, there are 900 Bitcoins being created per day, and according to Youtuber, BritishHodl, the EFTs have been purchasing 3,859 Bitcoins per trading…
[ad_2]
Source link