The price of bitcoin reaches new all-time high of $73.6K as supply is reduced by ETFs.
Prior to the Wall Street open on March 13, Bitcoin experienced price discovery once more, with bulls outperforming sell-side liquidity.
On Bitstamp, data from TradingView reached all-time highs of $73,679.
The day before, the strength of the BTC price had taken a break, settling at $72,000 and even seeing a brief $4,000 decline before sharply rising.
By doing this, the market created a scenario similar to what happened at the beginning of the week, when resistance limited upward movement, at least temporarily.
According to data from the monitoring resource CoinGlass, that job was fulfilled on that particular day by $73,800.
Beyond that, as indicated by the lack of liquidation levels, there was minimal friction preventing price discovery towards $80,000.
Popular trader Jelle summarised on X, “Bitcoin wiped out overleveraged longs, retested the 2021 cycle high & then bounced back to $72,000,” adding that things were now “looking good” for more higher.
Tedtalksmacro, a financial expert, pointed out that institutional money inflows are growing.
Even when taking into consideration the recently established spot Bitcoin exchange-traded funds (ETFs) in the US, these now eclipsed anything previously observed.
“Fund inflows beyond anything we have ever witnessed. It makes 2020 seem little, and over the next few months, the price will catch up,” he said to X followers.
“We’re on a solid course to reach 100,000. Historically, the market takes two to three months to GTFO once these flows peak.
According to final data, the ETFs themselves had record-breaking net inflows of $1 billion on March 12; the majority of these inflows were made into BlackRock’s iShares Bitcoin Trust.
While uploading the data to X, BitMEX Research remarked, “A record 14,706 BTC inflow on March 12, 2024.”
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Just that sum, or about 65,500 BTC, makes up a sizeable chunk of the supply that will be newly mined in 2024.
As of March 13, the two biggest ETFs from BlackRock and Fidelity Investments had more than 330,000 BTC, which is five times the amount that miners added.
In recent times, the surge of interest in cryptocurrencies, particularly Bitcoin, has been accompanied by a growing demand for investment products that provide exposure to this volatile asset class.
One such product gaining significant traction is the Spot Bitcoin Exchange-Traded Fund (ETF), which allows investors to buy and sell Bitcoin on traditional stock exchanges.
What sets Spot Bitcoin ETFs apart is their unique feature of receiving daily inflows that are recorded and reflected in the fund’s value.
The appeal of Spot Bitcoin ETFs lies in their accessibility and regulatory oversight.
Unlike directly purchasing Bitcoin through cryptocurrency exchanges, investing in a Spot Bitcoin ETF offers a more regulated and familiar avenue for traditional investors.
This accessibility lowers barriers to entry for institutional and retail investors alike, fostering greater participation in the cryptocurrency market.
The daily recording of inflows adds transparency and accountability to Spot Bitcoin ETFs, providing investors with real-time visibility into the fund’s activity.
This feature aligns with the principles of transparency and trust that are crucial in traditional financial markets, thereby instilling confidence among investors who may be wary of the unregulated nature of the cryptocurrency space.
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