Bullish Bitcoin

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  • BlackRock CEO ’very bullish’ on Bitcoin as its ETF crosses $17B, MAR 28, 2024
  • Not just the halving: Why analysts are bullish on Bitcoin in 2024, MAR 28, 2024
  • Bitcoin currently in ‘middle of the bull run’ — Grayscale report, MAR 28, 2024
  • Bitcoin price reclaims $70K as Coinbase BTC supply hits 9-year low, MAR 25, 2024


BlackRock CEO ’very bullish’ on Bitcoin as its ETF crosses $17B

“IBIT is the fastest growing ETF in the history of ETFs. Nothing has gained assets as fast as IBIT in the history of ETFs,” ~ Larry Fink (https://www.foxbusiness.com/video/6349827399112)

IBIT has a strong start to trading, tallying $13.5 billion in flows in the first 11 weeks, with an $849 million daily high on March 12. 

IBIT averages a little over $260 million in inflows per trading day.

“We’re creating now a market that has more liquidity, more transparency and I'm pleasantly surprised. I would never have predicted it before we filed it that we were going to see this type of retail demand,”

“I’m very bullish on the long-term viability of Bitcoin,” the BlackRock CEO added.

IBIT currently holds $17.1 billion in Bitcoin, and took only two months to reach the $10 billion mark — a milestone that took the first gold ETF two years to reach.

https://cointelegraph.com/news/blackrock-bitcoin-etf-fastest-growing-etf-larry-fink


Not just the halving: Why analysts are bullish on Bitcoin in 2024

Next month, the Bitcoin halving will reduce daily BTC production by about 450 BTC from the current average daily amount of 900 BTC.

...the amount of supply cut pales compared to daily fiat flows in and out of crypto exchanges and Bitcoin exchange-traded funds (ETFs).

...overall demand for Bitcoin is a “bigger factor than tightening supply.”

“I am bullish for the next two years due to a combination of the halving, expectations for improved global liquidity, and the fact that so many coins have rotated to strong hands in the bear market, and so a relatively minor increase in demand can move the price quite a bit.” ~ investment researcher Lyn Alden

"...every attempt to push down prices has been met with relentless buying," ~ 10x Research CEO and head analyst Markus Thielen

...each time Bitcoin made new price breakouts in February 2013, February 2017, and November 2020, the price could grow s much as 189% after 180 days. Eventually, Bitcoin would top after nine to 11 months following the breakouts historically...

The current Bitcoin rally is the first time Bitcoin has posted a parabolic rise and hit a new all-time high before the block reward halving, eToro crypto analyst Simon Peters emphasized.

...the ongoing cycle is going to be “more institutional,” 

"...it’s important to note that whilst the ETFs have been a major contributor to the rally so far, they are not the only participants in the space. Other entities such as MicroStrategy and Bitcoin whales continue to accumulate too.”

Bitcoin Halving

Programmed to occur once per 210,000 blocks or roughly every four years, Bitcoin halvings are designed to maintain Bitcoin’s deficit and counteract inflation.

Since its launch in 2009, Bitcoin has come through three halving events in 2012, 2016 and 2020, cutting its miner incentive from the initial 50 BTC to the current 6.5 BTC. 

The soon-to-come Bitcoin halving in 2024 will further decrease the mining reward from 6.5 BTC to 3.125 BTC.

https://cointelegraph.com/news/bitcoin-halving-analysts-bullish-btc-price-2024



Bitcoin currently in ‘middle of the bull run’ — Grayscale report

spot Bitcoin ETF inflows, positive stablecoin inflows and decreasing BTC balance on exchanges.

In addition to an increase in intent to buy, evidenced by increased stablecoin supply, a lack of intent to sell supported by decreasing supply on exchanges is also an important factor backing Bitcoin’s rally.

Bull markets are particularly driven by euphoria, fear of missing out (FOMO) and speculative trading from retail investors. One of the ways to determine this is by analyzing retail market sentiment.

https://cointelegraph.com/news/bitcoin-currently-in-middle-of-the-bull-run-grayscale-report


Bitcoin price reclaims $70K as Coinbase BTC supply hits 9-year low

On the supply side, Bitcoin reserves on Coinbase reached a nine-year low of 344,856 BTC on March 18, showing that investors have resumed accumulating BTC off exchanges.

The last time BTC reserves on Coinbase were at similar lows was in 2015

The total Bitcoin balance in accumulation addresses has also rebounded to over 3.2 million BTC, nearing a record high, according to Glassnode’s chart.

In this case, accumulation addresses are those with over 10 BTC and no outgoing transactions or ties to centralized exchanges and mining firms.

Further showcasing the growing accumulation pattern, Bitcoin inflows to accumulation addresses hit a new all-time high of 25,300 BTC on March 22.

This suggests that big investors are likely betting on more upside after the recent 15%–20% drawdown from the all-time high of around $74,000.

In total, Bitcoin reserves on all exchanges hit a three-year low of 1.92 million BTC on March 25.

https://cointelegraph.com/news/btc-accumulation-restarted-coinbase-btc-supply-9-year-low

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