CryptoQuant analysts name the reason for the growth of the BTC rate above $52 000
Analysts predict that the next significant price level for bitcoin will be the $56 000 mark
15.02.2024 - 15:45
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What’s new? The BTC exchange rate crossed the $50 000 mark for the first time since December 2021, and the market capitalization of the asset exceeded $1 trillion. According to a report by analytics firm CryptoQuant, this is due to strong demand from recently approved spot bitcoin exchange-traded funds (ETFs) in the United States. Experts estimate that ETFs account for more than 75% of new bitcoin investments.
What else is known? In just one month, investments from spot crypto funds have grown to 2% of the total historical investment in BTC, as measured by realized market capitalization, CryptoQuant noted. Analysts predict that the next meaningful price level for bitcoin will be the $56 000 mark.
According to Farside Investors, spot bitcoin ETFs accumulated a total of 4115 BTC worth about $215 million. Most of the inflows have come from BlackRock Investment Company’s iShares Bitcoin Trust ETF, which has 4843 BTC worth $253 million at the time of writing.
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James Wo, founder and CEO of crypto investment firm DFG, agreed that the influx of funds into ETFs is the main reason bitcoin has reached the $52 000 mark. “The entirety of spot Bitcoin ETF products now holds a cumulative value of more than $10 billion, with BlackRock buying 12x more BTC daily than is being mined, which means the crypto ecosystem entered a new era of institutional adoption through the spot Bitcoin ETFs,” he told Cointelegraph.
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.
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