Bankless: This is why Bitcoin is soaring

Author: Jack Inabinet, Bankless; Compiler: Deng Tong, Golden Finance

Bitcoin hit $64,000 this morning, and then fell 8% in 15 minutes, with Binance quotes showing it fell to $58,700 . Volatility is increasing in the cryptocurrency market, but it’s just one strong candle away from all-time highs! This article explains why Bitcoin is soaring today.

Wall Street’s demand for BTC remains unmet, with BlackRock’s IBIT absorbing $520 million in inflows yesterday, the largest ever for any Bitcoin ETF and the largest inflow of any Bitcoin ETF in yesterday’s trading Second largest inflows into ETFs!

While inflows into new spot Bitcoin ETFs excluding BlackRock yesterday totaled $182.4 million, dwarfing inflows from the leaders, Bloomberg Senior ETF Analyst Eric Balchunas noted, Any net inflows into new ETFs are important.

As the price of Bitcoin continues to climb, many people are looking for reasons, and the clearest answer is an imbalance between supply and demand. : Demand for Bitcoin from Bitcoin ETFs (and regular spot buyers) exceeds miners’ production capacity.

For those who trade with leverage, this market is either Be it a mine or a gold mine, increased volatility and extremely extended funding rates have provided plenty of opportunities for profitable trades, while the number of long and short liquidations has also increased dramatically in recent days.  

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Source: Coinglass