Ten days ago, after former President Donald Trump was convicted on 34 counts connected to a hush-money scheme, Polymarket bets indicated his chances of winning the 2024 election still stood at 54%, compared to incumbent President Joe Biden’s 40%. Since that time, the gap between Trump and Biden has widened significantly, with Polymarket odds increasingly […]
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Investor Confidence Soars With $488M Inflows Into US Bitcoin ETFs
On Wednesday, U.S. spot bitcoin exchange-traded funds (ETFs) saw inflows amounting to 8.1 million, with Fidelity’s FBTC leading the way. These inflows marked the 17th consecutive day of contributions from the 11 publicly traded funds. U.S. Spot Bitcoin ETFs See More Inflows on 17th Consecutive Winning Day U.S. spot bitcoin ETFs have been enjoying a […]
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Bitcoin Spot ETF Records Consecutive Weeks Of Inflows As Investor Confidence Grows
Ethereum exchange-traded funds (ETF) have been the talk of the town – and rightly so – after the United States Securities and Exchange Commission (SEC) approved the listing of the investment products during the week. Meanwhile, the Bitcoin spot ETF market continued its resurgence on one side, marked by a second consecutive week of positive inflows.
This streak of positive inflows represents a complete shift from previous weeks when investment activity was dangerously low. However, this recent turnaround reflects a rise in investor confidence over the past two weeks.
Bitcoin Spot ETF: 2 Million In Net Inflows In One Day
On Friday, May 24, the US Bitcoin spot ETF market saw another day of positive inflows, marking the 10th consecutive day of significant investment into these funds. According to data from SoSoValue, the market recorded a total net inflow of approximately 2 million to close the week.
Breaking this down, BlackRock amassed a substantial percentage of the total daily investment, with the IBIT ETF posting an inflow of 2 million. Grayscale Bitcoin Trust (GBTC), on the other hand, did not attract any capital on Friday, ending the week with zero daily outflows and inflow.
Other ETF issuers, such as Fidelity, Bitwise, and ARK Investment, also witnessed impressive inflows on Friday. Most notably, Fidelity’s FBTC came second to BlackRock’s fund after attracting about .7 million on the last day of the week.
More importantly, this positive inflow day means that the Bitcoin spot ETF market has amassed significant investment every day for the second week in a row. And after the close of Friday’s trading session, the net inflow in the past week stood at an impressive .06 billion.
This sustained positive trend in terms of capital inflow suggests that investor confidence in Bitcoin ETFs might be back at an all-time high. The last time there was a consistent positive capital inflow into these products, the Bitcoin price rose to a new all-time high.
With Ethereum spot ETFs on the brink of trading in the US, crypto exchange-trade products seem to be in fashion at the moment. And they might just be the catalyst that the crypto market – particularly Bitcoin – needs to resume what is left of the bull cycle.
Bitcoin Price At A Glance
As of this writing, Bitcoin is valued at ,868, reflecting a 2.5% price increase in the last 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by 3% on the weekly timeframe.
Bitcoin Boom: Price Explodes Past $67,000 As Investor Confidence Returns
The cryptocurrency market has been shaken by turbulence over the past year, but Bitcoin is now staging a remarkable comeback, breaking past the ,000 mark for the first time since late 2023.
This unexpected surge has electrified the Bitcoin community, sparking widespread optimism and a sense of renewed hope among investors.
Confidence In Bitcoin High
The collective mood of the Bitcoin community, as measured by Santiment’s “Weighted Sentiment” metric, has reached its most bullish level since the SEC’s landmark approval of Bitcoin spot ETFs in late 2023.
That pivotal regulatory move had significantly bolstered confidence in the cryptocurrency’s legitimacy and legitimized it as an investable asset class.
The crowd’s sentiment has shifted toward #Bitcoin after the surprise bounce above K Wednesday (and now above .2K). Additionally, #Chainlink is seeing its most #bullish sentiment in over a year. #FOMO staying low will help these rises continue. https://t.co/TcEPBdS9Oh pic.twitter.com/czvE1mOgId
— Santiment (@santimentfeed) May 17, 2024
Social media platforms are now abuzz with enthusiastic discussions as Bitcoin enthusiasts express excitement about the cryptocurrency’s potential. Many are drawing parallels to the last major bull run in 2021, when Bitcoin reached its all-time high of over ,000.
Cautionary Notes Amidst The Enthusiasm
While the Bitcoin community celebrates this latest achievement, seasoned analysts are urging investors to tread carefully and avoid the pitfalls of impulsive decision-making. Cryptocurrency markets are notoriously volatile, and Bitcoin’s price history is filled with dramatic ups and downs.
Bitcoin’s recent resurgence also coincides with a broader upswing in traditional markets, raising questions about the extent to which the cryptocurrency’s performance is intertwined with the wider financial ecosystem. A potential downturn in the stock market, for example, could negatively impact Bitcoin’s momentum as investors shift their funds accordingly.
Managing FOMO, Maintaining A Long-Term Perspective
As Bitcoin’s price climbs, so too does the risk of FOMO – the fear of missing out. This psychological phenomenon can drive investors to make impulsive decisions, fearing they’ll miss out on significant gains.
The resurgence of Bitcoin has reinvigorated the cryptocurrency community, but seasoned investors know that the road ahead may not be smooth sailing. Extreme bullish sentiment can sometimes act as a contrarian indicator, suggesting that the market might be nearing a peak.
Meanwhile, market volatility remains a constant concern, capable of triggering significant price swings at any moment. Moreover, regulatory scrutiny looms large, with governments worldwide grappling to establish frameworks that balance innovation with investor protection.
At the time of writing, Bitcoin was trading at ,096, down a measly 0.2% in the last 24 hours, but managed to sustain a 10.0% rally in the last seven days, data from Coingecko shows.
Featured image from iStock, chart from TradingView
Polymarket Bets Reflect Low Confidence in Ethereum ETF Approval by SEC
According to a wager on the decentralized betting platform Polymarket, the likelihood of a spot ethereum exchange-traded fund (ETF) gaining approval from the U.S. Securities and Exchange Commission currently stands at just 7%. This forecast commenced in January with a 76% probability of approval but has since plummeted by 91% over the last three months. […]
Bitcoin News
Experts: Nigeria’s Binance Crackdown Shakes Investor Confidence
The Nigerian government’s crackdown on cryptocurrency exchanges, including its targeting of Binance, has prompted some cryptocurrency firms to reconsider plans to either enter or further invest in the West African nation. A founder of a cryptocurrency exchange stated that the crackdown on Binance raises questions about the fundamental rule of law necessary for any society […]
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Bitcoin Technical Analysis: A Series of Successive Gains Signals Strong Market Confidence
As bitcoin weaves its way through the market’s intricacies, its pricing path exhibits an unyieldingly positive trend, marked by a train of successive increases. Reaching ,992, the leading digital currency experienced a significant intraday journey, fluctuating between ,383 and ,992, highlighting a period of volatility but with an extremely bullish undertone. Bitcoin The market cap […]
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Bitcoin Whales Steer Clear Of Significant Short Positions, Show Confidence In Price Surge
Bitcoin traders are exhibiting cautious optimism as they refrain from “substantial short positions,” expecting continued price surges, according to analysts from Bitfinex this week’s Alpha report.
Despite Bitcoin’s notable surge that brought the asset to trade as high as above ,000 for the first time since 2021, analysts note a decrease in the short-squeeze ratio compared to previous years. The reason behind this declining short-squeeze ratio is revealed in the report.
Whales Shun Short Positions Amid Bullish Sentiment
Analysts at Bitfinex Alpha report that large whale investors are refraining from “substantial short positions” due to their belief that prices will only continue to increase further.
The current market conditions are characterized by “tightening supply and increasing demand,” further supporting the bullish sentiment among traders.
According to the Bitfinex Alpha report, the behavior of Bitcoin holders suggests the emergence of early bull-market conditions. This is evidenced by a reduction in the volume of long-term holder supply experiencing losses, a trend that correlates with the ongoing rise in the asset’s price.
This observation suggests a positive outlook for Bitcoin’s price trajectory in the near term. The report noted:
Currently, less than 6% of the aggregate long-term holder supply by individual entities are held at a loss. Historically, similar instances where the long-term holder cohort held a comparable volume of Bitcoin in loss have been indicative of early bull market conditions.
Bitcoin Trajectory And Investor Sentiment
In the past 24 hours, Bitcoin has experienced a slight retracement of nearly 2%, following a week-long uptrend that propelled its price to trade above ,000 for the first time since 2021. Despite this retrace, investors remain optimistic, with ongoing asset accumulation amid bullish predictions from analysts and experts.
Renowned financial guru Robert Kiyosaki recently made headlines with his bold prediction that Bitcoin will reach 0,000 by June 2024, further fueling optimism in the crypto community.
BITCOIN to 0k by June 2024.
— Robert Kiyosaki (@theRealKiyosaki) February 18, 2024
Moreover, recent whale activity in the Bitcoin market has caught the attention of analysts and investors alike. Crypto analyst Ali Martinez recently revealed that a specific class of Bitcoin investors, holding between 1,000 and 10,000 BTC, has accumulated the digital asset in recent weeks.
Data from on-chain analytics firm Santiment shows that whales in this category have added over 140,000 coins to their holdings in the last three weeks, equivalent to a substantial .16 billion.
#Bitcoin whales have been on a buying spree, acquiring 140,000 $BTC over the past three weeks, amounting to .16 billion! pic.twitter.com/ViRnYiJHmp
— Ali (@ali_charts) February 10, 2024
This accumulation trend among whales reflects confidence in Bitcoin’s long-term potential and is a positive indicator for its future price trajectory.
Featured image from Unsplash, Chart from TradingView
Bitcoin Technical Analysis: BTC’s Bullish Momentum Signals Strong Market Confidence on Valentine’s Day
Bitcoin’s price trajectory on Feb. 14, 2024, showcases a robust bullish trend, with the cryptocurrency reaching a 24-hour high of ,814. Amidst a consolidating market, the digital asset has seen significant growth, marking a 3% increase today, and 21% over the past month. Bitcoin Bitcoin (BTC) has demonstrated remarkable resilience and growth, with its price […]
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Blockchain-Based Ride Apps Could Restore Confidence in Ride-Hailing Industry, Says Firdosh Sheikh
According to Firdosh Sheikh, the co-founder and CEO of DRIFE, blockchain-based ride-hailing platforms could disrupt and revolutionize the industry, much like Uber and Lyft did to the traditional taxi industry over the past decade. To support this argument, Sheikh, whose ride-hailing platform is already taking on Uber in markets like India, pointed to how the […]
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