Analyst Michaël van de Poppe: net inflows into spot bitcoin ETFs drive BTC growth
He noted that in three days the inflow of funds into the ETF amounted to more than $1,5 billion
16.02.2024 - 08:00
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The material is not an investment recommendation and is published for informational
What’s new? Crypto analyst Michaël van de Poppe believes that net inflows into spot bitcoin exchange-traded funds (ETFs) are a bullish catalyst for BTC. He noted that in three days, inflows into ETFs totaled more than $1,5 billion. In addition, more than $500 million is flowing into the crypto market daily through spot funds. According to the expert, “Institutions are interested, Bitcoin is getting mature, this market is going to accelerate.”
What else is known? Earlier, analysts at CryptoQuant noted that the growth of the bitcoin rate is due to high demand from spot BTC ETFs. Experts predicted that the next significant price level for the digital asset will be the $56 000 mark.
Earlier, CryptoQuant CEO Ki Young Ju predicted that BTC would rise to $112 000 on the back of an inflow of funds from spot bitcoin exchange-traded funds.
Crypto market capitalization grew by 108% in a year
At the same time, the average daily trading volume of cryptocurrencies fell by 32%
In January, van de Poppe claimed that a chart that tracks the total market capitalization of all crypto assets (TOTAL) was poised for a 25% rally to $2,1 trillion.
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