CryptoQuant CEO predicts the BTC exchange rate to rise to $112 000 in 2024
According to the expert, the realized volume of the crypto market can increase by $114 billion per year
12.02.2024 - 09:36
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What’s new? The CEO of the analytical company CryptoQuant Ki Young Ju believes that the bitcoin rate can reach $104 000-$112 000 due to the inflow of funds from spot bitcoin exchange-traded funds (ETFs). The expert explained that historically the lows of the crypto market are reached at MVRV (the ratio of the market value of the asset to the realized value of the asset) at 0,75, while the highs are reached at 3,9. Ju noted that if the current level of 2,07 is maintained, the price of BTC will be $55 000-$59 000.
What else is known? According to Ju, the crypto market is seeing $9,5 billion in bitcoin ETF inflows per month, potentially increasing realized volume by $114 billion per year. Realized volume reflects the aggregate price at which the BTC supply last moved.
Ju noted that even with the outflows from Grayscale’s GBTC bitcoin trust, a $76 billion increase could boost realized volume from $451 billion to $527 billion to $565 billion.
Spot BTC ETFs from BlackRock and Fidelity were among the top ten funds by fund flow in January
The total value of the two cryptocurrency products amounted to $4,8 billion
Trading in sharesvof ten spot BTC ETFs was approved by the securities regulator SEC on January 11. Already on January 16, their total daily trading volume surpassed the figure of five hundred exchange-traded funds launched last year. Two days later, bitcoin surpassed silver to become the second-largest commodity ETF in the United States.
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