Bitcoin's Rally Q1 2024
- Bitcoin’s ‘up only’ rally creating around 1.5K crypto millionaires daily — Data
- Top Bitcoin traders enter leveraged longs near all-time high — $80,000 ahead?
- Will the Bitcoin halving bring more institutional investors into crypto?
- Bitcoin price nails new $73.6K all-time high as ETFs eat away at supply
- Is Bitcoin due for a correction with 5 weeks till the halving?
Bitcoin’s ‘up only’ rally creating around 1.5K crypto millionaires daily — Data
STOP selling your Bitcoin to the ETFs!
... the daily inflows into spot Bitcoin ETFs hit a record $1 billion of net inflows on March 12
BTC’s latest rally, backed by U.S. spot Bitcoin ETFs, is creating about 1,500 millionaire wallets on a daily basis.
This highlights the growing wealth accumulation in the cryptocurrency sector.
However, this is a significantly lower number than those created during the 2021 bull run, when “more than four thousand wallets were reaching the million-dollar mark daily, and more than two thousand wallets were reaching $10M.
This time around, whales could be taking a more cautious approach, waiting to see if the gains have legs before investing.
... steady growth in the overall number of Bitcoin addresses holding significant wealth, underscoring increasing adoption and acceptance of Bitcoin as a store of value and investment asset.
BTC Price Targets
According to Standard Chartered, BTC price might surpass $100,000 by the end of 2024.
Hedge fund SkyBridge predicts a price of $170,000 by April 2025.
Fundstrat projects BTC to range between $116,000 and $137,000 by the end of the year.
Investment management firm VanEck maintains its medium-term target at $350,000.
Independent analyst Ted Talks Macro noted that funds were flowing into the Bitcoin market “like never before,” saying that the pioneer cryptocurrency was on its way to $100,000.
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Fund inflows like we have never seen before.
It makes 2020 look small... price will continue to catch up over the coming months.
The steady grind to 100k is underway #BTC
Historically, when these flows peak, theres 2-3 months to GTFO of the market.
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* GTFO - Get The Fuck Out
https://cointelegraph.com/news/bitcoin-up-only-rally-creating-around-1500-crypto-millionaires-daily-data
Fund inflows like we have never seen before.
— ted (@tedtalksmacro) March 13, 2024
It makes 2020 look small... price will continue to catch up over the coming months.
The steady grind to 100k is underway #BTC
Historically, when these flows peak, theres 2-3 months to GTFO of the market. pic.twitter.com/I3a6binvEH
Top Bitcoin traders enter leveraged longs near all-time high — $80,000 ahead?
Bitcoin hit an all-time high of $73,650 on March 13, marking a 44% gain in 16 days.
The surge reflects the increasing demand for spot Bitcoin exchange-traded funds (ETFs) listed in the United States, which saw a record $1 billion in net inflows on March 12.
... whether Bitcoin’s current bull run has the potential to surpass $80,000 hinges on the adoption of spot ETF instruments as a “store of value” and a potential shift in Bitcoin’s risk assessment.
Before 2024, Bitcoin was not easily accessible to the majority of mutual funds and wealth managers. Additionally, regulatory uncertainty and its classification as a commodity were major concerns, but this changed after the approval of the U.S. spot Bitcoin ETF on Jan. 11.
While there's no guarantee Bitcoin will surpass $80,000 in the near term, BTC derivatives metrics indicate confidence, as traders are pricing similar risks for unexpected upward and downward moves.
https://cointelegraph.com/news/bitcoin-top-traders-enter-leverage-longs-near-all-time-high-80k-ahead
Will the Bitcoin halving bring more institutional investors into crypto?
“Institutions are still learning about this asset class, but understanding the monetary policy of Bitcoin will only drive more interest,” Dante Cook, Swan Bitcoin’s head of business.
The halving is an important demonstration that “Bitcoin security can continue despite a lower ‘security budget,’” Ethan Vera, chief operating officer at Luxor Technology Corporation
Investors have clearly embraced the spot market Bitcoin ETFs — as seen by the net inflows — and further regulatory clarity will help to drive industry adoption and investor base
A continued road to adoption
“What is different today from historical halvings are the ETFs, which have dramatically changed the Bitcoin ecosystem,” Clark Swanson, entrepreneur and former CEO of Bitcoin mining firm Blockcap
MicroStrategy recently rebranded itself as a Bitcoin development company, while the new ETFs “are capital-inefficient in the sense that the BTC just sits there.
Investors may prefer Michael Saylor’s more active management strategy versus the ETFs.
Many miners see the writing on the wall — lower and lower block rewards — and are looking more at supplemental revenue opportunities.
“Transaction fees on the Bitcoin network are crucial for miners long term,” said Vera, “and we are seeing many start investing time and capital into developing the ecosystem of applications being built on Bitcoin.”
“It is the finite supply and the halving of Bitcoin, which are characteristics that help make Bitcoin the hardest money ever created.” ~ Clark Swanson
https://cointelegraph.com/news/bitcoin-halving-institutional-investors-crypto-adoption
Bitcoin price nails new $73.6K all-time high as ETFs eat away at supply
The steady grind to 100k is underway.
The ETFs themselves fetched a record $1 billion of net inflows on March 12, final data confirms, with BlackRock’s product, the iShares Bitcoin Trust, enjoying the lion’s share.
“A record 14,706 BTC inflow on 12 March 2024,”
That amount alone represents a considerable portion of the newly-mined supply in 2024, totaling approximately 65,500 BTC.
The two largest ETFs from BlackRock and Fidelity Investments held in excess of 330,000 BTC as of March 13 — five times what miners added.
https://cointelegraph.com/news/bitcoin-price-new-73-6-k-all-time-high-etfs-eat
Is Bitcoin due for a correction with 5 weeks till the halving?
“We estimated $10Bn inflows for 2024 and another $60Bn for 2025. In the last 40 trading days since ETF launch on Jan 10, Bitcoin ETF inflows have crossed $9.5Bn already.”
“At this run rate, Bitcoin ETFs would surpass our 2025 inflow estimates within 166 trading days for [the] rest of 2024,”
https://cointelegraph.com/news/bitcoin-price-correction-5-weeks-halving
