Bitcoin’s Rally Above $47,000: A Result of Increased ETF Inflows
Bitcoin surged above $47,000, with spot bitcoin ETFs experiencing substantial inflows, boosting their holdings by 9,260 BTC. Bitcoin soared to $47,600 in the U.S. morning before a swift 2% decline, marking significant volatility. Spot bitcoin ETFs recorded over $400 million in inflows on Thursday, their most substantial activity since January 17. The U.S.-based spot bitcoin exchange-traded funds (ETFs) witnessed notable net inflows on Thursday, contributing to BTC’s rise.
BTC peaked at $47,699, the highest since the ETF launch, before retreating to $46,700, followed by a rebound over $47,000. At present, BTC is up 4.5% in the past 24 hours, surpassing the CoinDesk 20 Index, which rose 3.8%. Spot ETFs augmented their bitcoin holdings by 9,260 BTC, translating to over $400 million in inflows. James Seyffart, an ETF analyst at Bloomberg Intelligence, noted this as the third-largest inflow day since their launch.
Analysts anticipate further gains for bitcoin after it reclaimed the crucial 50-day moving average. FxPro’s Alex Kuptsikevich believes bitcoin is primed for higher prices following this key technical indicator’s recovery. Markus Thielen from 10X Research foresees short-term targets of $48,000, driven by historical trends around the Chinese New Year. In the mid-term, Thielen predicts BTC to hit $52,000 in March, completing the fifth wave of its uptrend.
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“This data underscores considerably stronger profitability in the mining sector compared to challenges experienced in 2022 and part of 2023.”
In approximately six months, Bitcoin undergo a “halving,” reducing the new bitcoins awarded to miners by half. Satoshi Nakamoto introduced this event in 2009 as an anti-inflationary measure. Occurring roughly every four years, the lead-up to halvings traditionally proves the most profitable time for crypto investors. “Buying bitcoin six months before a halving and selling 18 months after has historically outperformed a ‘buy and hold’ strategy,” affirms the analyst.
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