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
![CryptoQuant analysts name the reason for the growth of the BTC rate above $52 000](https://storage.getblock.net/source/1/FsCgbgqN6m3Hgv7cjDj9kvL7Ni1ONhU2.webp)
15.02.2024 - 15:45
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2 min
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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.
![SkyBridge managing partner predicts the bitcoin rate to rise to $170 000 after halving](https://storage.getblock.net/source/1/QSyjqyb-vwtilighDKBxmBZo01nax-oR.png)
SkyBridge managing partner predicts the bitcoin rate to rise to $170 000 after halving
The reduction of the reward to miners on the Bitcoin network is expected in April this year
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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