Bitcoin eyes longest winning run in a year

Feb 12, 2024

Bitcoin Is flirting with a winning run last seen a year ago, helped by a record-breaking debut US exchange-traded funds For token.
digital assets Singapore rose nearly 1% to $48,436 by 9:50 a.m. on Monday, poised for its seventh consecutive daily gain, which would be the longest such streak since January 2023, data compiled by Bloomberg show.
Nine new spot bitcoin funds began trading in the US on January 11 and have attracted more than $9 billion in investor inflows so far. Bloomberg Intelligence analysts Eric Balchunas and James Seifert wrote in a note that the two offerings from BlackRock Inc. and Fidelity Investments ranked as the most successful ETFs launched based on assets gained after one month on the market.
There are signs of “increased movement of institutional money into the asset class,” Caroline Bowler, chief executive of crypto platform BTC Markets Pte, said on Bloomberg Television.
more than a decade old Grayscale Bitcoin TrustThe largest portfolio dedicated to the token was converted to an ETF the same day the new fund went live. Outflows of more than $6 billion from grayscale vehicles have slowed. The batch of 10 ETFs have attracted a combined net investment of $2.8 billion.
Hype on the ETF fueled a Bitcoin revival last year, sending the token soaring to more than $49,000 on the day they began trading. A selloff near $10,000 ensued for several days as investors booked profits and waited to see how the ETF performed. The subsequent rebound has brought it past $50,000, a level last seen in 2021.
Optimism about the quadrennial Bitcoin cut taking place in April is also filtering into crypto. Halving reduces the amount of Bitcoin that miners receive for operating the powerful computers that verify transactions on the blockchain. This phenomenon is often seen as supporting prices based on historical precedent.
Fundstrat Global Advisors wrote in a note that apart from ETF inflows, sentiment towards Bitcoin is “generally positive” during the Lunar New Year holidays, which are currently underway in Asia.
Bitcoin remains about $20,000 below the record high the token hit in 2021 amid a pandemic-era rally fueled by easy money.

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *