As Bitcoin steadily approaches its final five weeks before the much-anticipated halving event, all eyes remain fixated on its price action and the continuous surge to All-Time High levels.
Alongside this fervor, the growing influence of Blackrock and AI assets in the cryptocurrency sphere is also drawing significant crowd interest and impacting market dynamics.
🗣️ As #Bitcoin now closes in on its final 5 weeks before the highly anticipated #halving, its price action and continued #AllTimeHigh levels are major topics. #Blackrock and #AI assets are also gaining crowd interest & having an impact on #cryptocurrency. https://t.co/kj62br5ef7 pic.twitter.com/PNJodM5Wcf
— Santiment (@santimentfeed) March 13, 2024
In a notable development, Bitcoin’s large transaction volume soared to $116.2 billion yesterday, marking a substantial increase from the bear market’s transaction volumes, which typically ranged between $10 billion to $20 billion for transactions exceeding $100,000. This surge in volume suggests heightened activity among whales, propelling transaction volumes to levels not seen since August 2021.
SoSoValue reports a significant influx of $683 million into Bitcoin spot ETFs on March 13, with BlackRock’s ETF, IBIT, leading the pack with a staggering net inflow of $586 million. Meanwhile, the Grayscale ETF GBTC experienced a net outflow of $276 million in a single day, underscoring the dynamic nature of the market.
According to SoSoValue, on March 13, the total net inflow into Bitcoin spot ETFs was $683 million. The Grayscale ETF GBTC saw a net outflow of $276 million in a single day. The Bitcoin spot ETF with the highest single-day net inflow was BlackRock's ETF, IBIT, with a net inflow of… pic.twitter.com/3CdXdkaGID
— Wu Blockchain (@WuBlockchain) March 14, 2024
Bitcoin ETFs Anticipates For Massive Debut In Coming Months
According to Bloomberg senior ETF analyst Eric Balchunas, Bitcoin ETFs have yet to make their debut on major offline asset management platforms, which oversee approximately $7 to 10 trillion in assets.Â
Bloomberg senior ETF analyst Eric Balchunas said that Bitcoin ETFs have not yet appeared on any important offline asset management platforms. These platforms manage approximately US$7 to 10 trillion and are expected to list BTC ETF in the next few months. Additionally, Bitcoin…
— Wu Blockchain (@WuBlockchain) March 14, 2024
However, industry experts anticipate BTC ETFs to be listed on these platforms in the coming months. Furthermore, the introduction of Bitcoin ETF options trading is anticipated by September, adding another layer of sophistication to the cryptocurrency market.
The Bitcoin halving is coming up in April, and this cycle looks very different from previous ones!
Historical patterns show an upswing in price post-halving events, yet this cycle the $BTC price has rallied earlier than expected and has already broken previous all-time highs.… pic.twitter.com/rACPfR7yqN— IntoTheBlock (@intotheblock) March 14, 2024
As Bitcoin’s halving event draws closer, the confluence of market dynamics, institutional interest, and technological advancements is expected to fuel further speculation and drive prices to unprecedented heights, making it a pivotal period for the cryptocurrency ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: designer491/123RF // Image Effects by Colorcinch