Bitcoin made headlines yesterday by reaching a new all-time high of $70,199 on Coinbase, marking another significant milestone for the cryptocurrency.
While this achievement is noteworthy, the trading community is currently exhibiting a blend of fatigue and disinterest in altcoins.
🥳 #Bitcoin has established yet another new #AllTimeHigh today, reaching a market value as high as $70,199 on #Coinbase. Despite the incredible milestone for #cryptocurrency, there is a combined sense of exhaustion and #altcoin distraction coming from the trading community right… pic.twitter.com/S4YqYkiOJ6
— Santiment (@santimentfeed) March 8, 2024
Discussions within the community indicate that Bitcoin’s dominance as a percentage of total cryptocurrency assets stands at a solid 27.5%.
However, the current sentiment is not as exuberant as it was just nine days ago when Bitcoin surpassed the $60,000 mark. This nuanced response is viewed positively, as excessive enthusiasm and fear of missing out (FOMO) often accompany market peaks.
Additionally, the Mean Dollar Invested Age metric reveals a trend where previously inactive coins are re-entering circulation rapidly.
This phenomenon is commonly observed during bull markets and suggests that market capitalizations will likely continue to rise until coin stagnation and widespread enthusiasm return to the Bitcoin network.
BlackRock Bitcoin Spot ETF Now Holds 196,089 Coins
@HODL15Capital reported a significant development, noting that after 40 trading days, the BlackRock Bitcoin Spot ETF (IBIT) now holds more Bitcoins (196,089 coins) than MicroStrategy (193,000 coins).
According to @HODL15Capital, after 40 trading days, the number of Bitcoins held by the BlackRock Bitcoin Spot ETF (IBIT) (196,089 coins) exceeded the holdings of MicroStrategy (193,000 coins). pic.twitter.com/XMkYpPWpDo
— Wu Blockchain (@WuBlockchain) March 9, 2024
This shift in holdings within major entities reflects the evolving dynamics of Bitcoin ownership among institutional players.
SoSoValue data for March 8th highlights a total net inflow of $222 million into Bitcoin spot ETFs. In contrast, the Grayscale ETF GBTC experienced a net outflow of $302 million on the same day.
According to SoSoValue data, on March 8th, the total net inflow for Bitcoin spot ETFs was $222 million. The Grayscale ETF GBTC saw a net outflow of $302 million on the same day. The Bitcoin spot ETF with the highest single-day net inflow was the BlackRock ETF IBIT, with a net… pic.twitter.com/9BOzeVDIn5
— Wu Blockchain (@WuBlockchain) March 9, 2024
Notably, the BlackRock ETF IBIT emerged as the Bitcoin spot ETF with the highest single-day net inflow, totaling $336 million.
With a cumulative historical net inflow surpassing $10.03 billion, IBIT becomes the first Bitcoin ETF to achieve this significant milestone, solidifying its position in the evolving landscape of cryptocurrency investment vehicles.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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