What has been happening with the price action of Bitcoin gives signs that the price may be moving forward due to the purchases that are being executed from the Bitcoin ETFs, certainly this new scenario is very positive if we take into account that in less than two months the Halving will take place.
It is speculated that the new historical high of Bitcoin will occur without major setbacks, this because the price has been rising more than 100% since the last quarter of the year 2023 to today, this statistic reveals that the price brings strength of upward projection.
The upward movements that the price of Bitcoin has been showing has increased precisely because of an estimated 75% of new investments coming from ETFs, now according to information socialized by Zoltan Vardai is "excluding the ETF Grayscale Bitcoin Trust (GBTC)".
In the Vardai article, "Bitcoin was up 1.8% in the 24 hours to 10:45 a.m. UTC, trading at USD 52,354. Bitcoin hit a two-year high of USD 51,000 on Feb. 14, pushing its market capitalization above USD 1 trillion for the first time since November 2021"
A very interesting fact and one to keep in mind is that, "Spot bitcoin ETFs accumulated a total of 4,115 bitcoins, valued at approximately USD 215 million, according to data from Farside Investors. BlackRock's iShares Bitcoin ETF (IBIT) was responsible for most of the inflows, with a total of 4,843 bitcoins valued at USD 253 million at the time of publication"
SOURCES CONSULTED
Cointelegraph. Bitcoin ETFs account for about 75% of new investments — CryptoQuant. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
