According to Bloomberg data, a total of $2.5 billion has flowed into Bitcoin spot ETF this week, indicating that institutions continue to accumulate large positions. With the continuous net inflows into spot ETF and the price of Bitcoin soaring above $52,000 this week, the mining difficulty surged by over 8.24% to 81.73 T on the 15th, once again reaching a new all-time high.
Summary:
QCP Capital: Bitcoin easily broke $69,000 in March! Spot ETF continues to attract funds, with an average daily net inflow of 13,000 BTC.
Background:
Bitcoin spot ETF trading volume approaches CEX! CryptoQuant: Institutional impact on BTC will become more apparent.
Table of Contents:
BlackRock’s IBIT has attracted over $5 billion
CryptoQuant founder: Bitcoin could reach $112,000 this year
Mining difficulty hits a new all-time high, fierce competition among mining companies
Since the launch of Bitcoin spot ETF on January 11th, institutional demand has remained strong, with continuous accumulation of large positions. According to Bloomberg data, nearly $2.5 billion has flowed into Bitcoin spot ETF this week! Among them, BlackRock’s IBIT accounts for a staggering 58% of the total inflow this week, exceeding the sum of other competitors.
On Monday, IBIT also set the second-highest daily trading volume since its listing, amounting to approximately $35 million. In recent days, BlackRock’s role as the leader in the Bitcoin spot ETF market has become increasingly evident. Since its launch, IBIT has attracted over $5 billion in inflows, surpassing Fidelity, the second-largest, by approximately $1.5 billion.
Further reading:
Real-time status of Bitcoin spot ETF: BlackRock’s trading volume surpasses Grayscale for the second time, GBTC selling pressure has dropped by 50%.
Source: Bloomberg
With the continuous reduction in GBTC selling pressure and the positive inflow of funds into Bitcoin spot ETF since January 29th, Bitcoin has become a sought-after commodity. The BTC price reached a high of $52,800 on Thursday, a 9.7% increase in the past 7 days, and is currently trading at $51,941.
Ki Young Ju, the founder of well-known on-chain analytics firm CryptoQuant, predicted the price trend of BTC over the weekend, stating that based on the current trend of fund inflows into spot ETF, the top price this year could reach $104,000 to $112,000. QCP Capital is also optimistic, predicting that Bitcoin could easily surpass its all-time high of $69,000 before the end of March.
Further reading:
CryptoQuant founder: Bitcoin could reach $112,000 by 2024, continuous inflow of ETF funds, GBTC selling pressure hits a new low.
Against the backdrop of the strong influx of funds into spot ETF, driving the rise in the price of Bitcoin, the mining difficulty of Bitcoin has reached a new all-time high, intensifying competition among mining companies.
According to BTC.com data, when the block height reached 830,592, Bitcoin experienced a mining difficulty adjustment, with the mining difficulty surging by 8.24% to 81.73 T, once again reaching a new all-time high, and the average hash rate reaching 632.45 EH/s. The previous difficulty adjustment on February 2nd also saw a significant increase of over 7.33%.
For mining companies, with less than two months left before the Bitcoin halving, this may be the period with the highest financing and profitability before the halving. Therefore, mining companies have started to increase their mining power, racing against time to be the first to mine and actively prepare for the upcoming halving and the reduction in future rewards.
Source: BTC.com
Related reports:
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Coin market update: Bitcoin climbs to $52,500, Ethereum breaks $2,800, BTC market cap surpasses $1 trillion.
Why is Bitcoin not rising? Miners have sold 8,400 BTC this year, reserves at a 30-month low.