Author: BitpushNews Mary Liu
At the beginning of the Chinese Spring Festival, Bitcoin leads the encryption market and brings us "good luck" in the Year of the Dragon. BTC, the largest cryptocurrency by market capitalizationShort-term breakthrough of $50,000, the highest level since December 2021 the highest level.
The stock prices of crypto-related companies are soaring Red, as of the close of U.S. stocks on Monday, MicroStrategy rose 11%, trading platform Coinbase rose 4%, mining companies < span data-slug="Marathon">Marathon Digital rose 14%.
Coincidentally, yesterday, US President Biden posted a photo on his X account The tweet with laser eyes and the text "Just like we drew it up" instantly triggered a heated discussion in the crypto community. After all, in the eyes of crypto enthusiasts, laser eyes represent firm support for Bitcoin (Hold) .
However, the true intention of the tweet does not seem to have anything to do with encryption. Media website Mashable analyzed that the tweet was posted on Sunday when the Kansas City Chiefs defended their Super Bowl title. Posted later, it was actually a "Dark Brandon" meme that started trending back in 2021, with Biden once again referencing what appeared to be a satire about the Super Bowl and Taylor SwiftRight-wing conspiracy theories. Some previous comments claimed that the Super Bowl was manipulated behind the scenes to ensure the victory of the Kansas City Chiefs, where Taylor's current boyfriend Travis Kelce plays, thus becoming a public relations tool for Biden's re-election campaign. .
Biden emoticon packIt doesn’t matter what the meaning behind it is, for the 7X24 encryption market For example, what is most needed is celebrities to build momentum.
Bankless Retweeted and hinted at the potential impact on ETH/BTC trends, anonymously X account WhalePanda said this is a crypto cultural export, and even Tron founder Sun Yuchen also joined in the speculation , forward comment: "Bitcoin?"
Bitcoin’s rise is due to the good performance of U.S. spot ETFs. Last month, the United States approved ETFs to directly hold Bitcoin. This optimism is prompting more people to accept Bitcoin, thus fueled the rally.
According to CoinShares report, Lastweek, the net inflow of U.S. spot Bitcoin ETFs was US$1.1 billion. The funds have seen $2.8 billion in inflows since their launch.
The global asset management scale of crypto investment products has reached its highest level since early 2022, equivalent to approximately US$59 billion.
< p style="text-wrap: wrap; text-align: left;">Fidelity's Bitcoin ETF assets under management reached $3 billion last week, followingBlackRock (BlackRock) is the second product of its kind to achieve this milestone.Outflows came primarily from Grayscale’s GBTC, an ETF converted from the company’s Bitcoin Trust Fund. Last week, GBTC saw $415 million in outflows, up from $415 million in the previous week Outflows were as high as $900 million.
Greg Moritz, co-founder of cryptocurrency hedge fund AltTab Capital, said the downturn over the past few weeks was largely due to Grayscale outflows, now that those outflows have slowed and net inflows are picking up.
CoinShares data shows that As of last Friday,'s newly launched spot Bitcoin ETF (excluding Grayscale's GBTC) held more than 192,000 BTC, more than MicroStrategy’s 190,000 BTC, the inflow exceeded US$1 billion in less than a month.
Bitfinex analysts said in a report that the "sell news" price drop that some investors expected after the approval of multiple spot Bitcoin ETFs in January was not as severe as expected.
Bitcoin is now on track to hit new year-to-date highs, an uptrend that coincides with lower GBTC outflows and A period when digital asset fund inflows are generally increasing."
In November 2021, Bitcoin prices peaked at approximately $69,000, and 2022 is a disaster, < span data-slug="terra5">Terra ecosystem collapses, cryptocurrency exchange FTX and other large and small projects go bankrupt, Bitcoin 2022 The annual closing price was just over $16,000, down about 75% from the historical high. The currency price fell, projects either closed down or business was reduced. This trend has continued until 2023. In the last three months of 2023, as the SEC's stance on spot ETFs became clear, Bitcoin prices rose nearly 60%, topping $42,000 by the end of the year.
Multiple positive factors in 2024 make analysts optimistic about the long-term trend.
Sustained adoption of Bitcoin ETFs could Significantly absorbing selling pressure has the potential to reshape Bitcoin’s market structure by providing a new, stable source of demand, which is positive for the price.
In addition to Bitcoin ETFs, the halving will also be held on Happens in April. The reward per block will drop from 6.25 Bitcoin to 3.125 Bitcoin, with the last halving occurring in 2020.
Bitfinex analysts say long-term Bitcoin holder dynamics indicate a bullish market outlook: “ETF inflows, increased With the upcoming 2024 Bitcoin halving and continued high levels of illiquid supply, more than 70% of Bitcoins are in the hands of long-term holders, painting an unusually optimistic picture for BTC price trends.”< /p>
The analysts added: "Real price indicators across various investor groups continue to suggest that we are still in the early stages of a bull market. These indicators suggest that , the long-term trajectory this year should see prices trending upward."
Fundstrat Global Advisors wrote in a report that in addition to ETF inflows, interest in Bitcoin has increased during the Lunar New Year holiday currently underway in Asia. Sentiment is "generally positive."
Fadi Aboualfa, director of research at cryptocurrency custody company Copper Technologies Ltd, said: "Fanatical buyers have brought more enthusiastic buyers, pushing prices up further. ”
Traders’ attention remains focused on the macroeconomic situation. U.S. inflation consumer price index data will be released tomorrow, which will guide the Fed's interest rate path. According to CME "Fed Watch" data, the probability of the Fed keeping interest rates unchanged in March is 84.5%, and the probability of cutting interest rates by 25 basis points is 15.5%.
As of press time, the price of Bitcoin was slightly less than $50,000, with a 24-hour increase of 3.39%.
After the Ethereum Dencun upgrade was successfully completed on March 13, L2s such as Starknet, Optimism, and Arbitrum have also been integrated in the past two days. The sharp reduction in handling fees once again makes the Ethereum and L2 narrative look sexier.
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