Bitcoin price action is driven by ETF inflows

in LeoFinance2 months ago

We continue to see a wonderful weekend, or at least for bullish traders it is, because the Bitcoin price action remains above $48,000 which is certainly a good sign of consolidation in this important area.

At the time of writing the BTC price action marked $48,172 with a +0.9% recovery in the last 24 hours, in this sense it is important to note that this behavior adds to the projection of Bitcoin bullish analysts who project a rise to the $55,000 zone.

According to information disclosed by William Suberg, cryptocurrency news columnist, "Bitcoin ETF inflows are shaping a transformation in the BTC price that could lead it to surpass its historical highs this year", from my perspective if in the following weeks the BTC price action continues to pause and oscillate between $46,000 and $48,000 the projection of bullish traders could be fulfilled.

The Suberg article mentioned that, "The Bitcoin market has seen USD 9.5 billion in spot ETF flows per month, potentially boosting realized capital by USD 114 billion a year. Even with USD GBTC outflows, an increase of USD 76 billion could lift realized capital from USD 451 billion to USD 527-565 billion."

One of the things I largely agree with is the following statement, "In recent days, more voices have strengthened the narrative of a new all-time high potentially occurring even before the halving event, which is now just over two months away"

SOURCES CONSULTED

Cointelegraph. 6-figure BTC price in 2024? Bitcoin analyst says $55K now 'worst case'. Link

OBSERVATION:

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph

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ETF brings in a lot of money and that kind of money can make or break a market.

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Hi @thetimetravelerz

Certainly ETFs can make or break a market, hopefully with cryptocurrencies it will be all positive. Right now the inflows of money from purchases coming from ETFs is something that can create a very bullish environment in the market.

Thanks for the recommendations.

Best regards, be well.