Bitcoin reached a high of $48,592 at noon today (11), just under $500 away from its previous high in mid-January. As the market closely watches whether BTC can continue to rise, Ki Young Ju, the founder of well-known on-chain analytics firm Crypto Quant, predicted the price trend of BTC in a post on X this morning.
Ki Young Ju also mentioned that the current monthly inflow of spot ETF funds in the Bitcoin market is $9.5 billion, which has the potential to push the realized cap to $114 billion annually. The realized cap is calculated based on the estimated market value at the last movement of all bitcoins and can be understood as the average cost of holding coins for all holders.
On the other hand, Grayscale’s GBTC had a net outflow of $51.81 million on the last trading day of the week, setting a new record low for daily net outflows. In addition to Grayscale, the other nine Bitcoin ETFs had a total net inflow of $592 million on that day.
The Bitcoin spot ETF with the highest net inflow on a single day is IBIT by BlackRock, with a net inflow of $250 million, accounting for 42.2% of the total inflow. The second highest is FBTC by Fidelity, with a net inflow of approximately $188 million, accounting for 31.7% of the total inflow.
Furthermore, according to on-chain data analyst Ali Charts, he stated in a post this morning that whales holding 1,000 to 10,000 bitcoins have been buying large amounts again recently. They have purchased 140,000 BTC in the past three weeks, worth over $6.1 billion. If these whales choose to continue buying or hold for the long term, coupled with the weakening selling pressure of GBTC, the upward trend of Bitcoin may continue.
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