Bitcoin has surged past the $73,000 mark, driven by a significant influx of funds into spot exchange-traded funds (ETFs), providing relief to investors after a recent minor correction. This uptick suggests a resilient market, with indications that Bitcoin may maintain levels above $69,000 in the near term.
CryptoQuant's UTXO P/L Supply Ratio Momentum, analyzing the average weekly profit/loss ratio against the yearly average, has historically observed notable spikes, indicative of shifts in short-to-long-term profit and loss ratios. The current momentum suggests the onset of a potential mid-bull rally phase, presenting lucrative opportunities for investors amidst Bitcoin's upward trajectory.
CryptoQuant CEO Ki Young Ju emphasized the significance of on-chain momentum, suggesting sufficient fresh capital inflow to initiate the next parabolic bull run for Bitcoin.
Bitcoin UTXO P/L. Source: CryptoQuant
In tandem with Bitcoin's peak, spot Bitcoin ETFs in the US market witnessed remarkable performance, attracting a total of $1.05 billion in inflows on March 12. Blackrock’s iShares Bitcoin Trust (IBIT) led with a record-breaking $849 million inflow, followed by other notable ETFs.
The ongoing Bitcoin rally diverges from historical trends, notably surpassing previous peaks established before halving events. This rally, occurring ahead of the scheduled mid-April halving event, is attributed to various factors, including the introduction of spot Bitcoin ETFs on US stock exchanges.
Tether (USDT) boosts its Bitcoin holdings, now ranking seventh globally. With a recent purchase of over 8,000 BTC, totaling $5.23 billion, Tether solidifies its dominance amidst regulatory scrutiny.
Xu LinOpenSea navigates market turbulence, strategizing through acquisitions and broadening NFT applications, despite a significant decline in trading volume and market share.
MiyukiPhoenix Group's strategic investments in cutting-edge mining technology, coupled with its market debut and oversubscribed IPO, solidify its presence as a formidable player in the global Bitcoin mining landscape. However, the lack of response to inquiries raises questions about transparency and communication practices within the company, warranting further scrutiny.
SanyaCleanSpark plans to acquire 160,000 Bitcoin miners by 2024, aiming to increase its hash rate by 400% and prepare for future market fluctuations.
BrianCipher Mining strategically acquired 16,700 new miners ahead of the Bitcoin halving, aiming to expand their mining capacity in Texas. With a bullish outlook tied to the event's historical impact on Bitcoin prices, Cipher aims to emerge as a major player in the industry.
JoyEtherscan acquires Solscan.io, expanding its blockchain data services to include the Solana network.
BrianCelsius announced Wednesday that it has selected Novawulf Digital Management, a digital asset investment firm, to help bring its high-profile bankruptcy case to a close.
decryptTokocrypto CEO will step down and 58% of staff to be laid off as part of the deal, says Tokocrypto spokesperson.
CoindeskCompute North had filed for Chapter 11 bankruptcy in September.
Crypto PotatoHuobi Global has agreed to be purchased by Hong Kong-based investment company About Capital Management's M&A fund.
Tristan