Bitcoin spot ETF continued to see net inflows, boosting the price of Bitcoin. Currently, BlackRock’s IBIT, a Bitcoin ETF, has risen to the top 7% in terms of market value among all ETFs. QCP Capital believes that Bitcoin may easily surpass its all-time high before the end of March.
After breaking $52,000, Bitcoin has not shown any obvious signs of decline and continues to fluctuate between $51,500 and $52,000. The strong market trend during the Lunar New Year is widely speculated to be related to the net inflows of Bitcoin spot ETF.
Looking at all Bitcoin spot ETF products, since January 29th, they have consistently seen net inflows, reaching a new high of $400 million on February 9th.
According to data shared by Bloomberg senior analyst Eric Balchunas, within 23 trading days since the launch of Bitcoin spot ETF, BlackRock’s IBIT ETF has surpassed $5 billion in market value. With continuous capital inflows, IBIT has risen to the top 7% in terms of market value among all ETFs.
QCP Capital: Breakthrough of historical high by the end of March
Can this upward trend continue? Today, QCP Capital has made an optimistic prediction about the market trend of Bitcoin (BTC). QCP stated that the recent breakthrough of the $50,000 milestone is due to the large amount of capital inflows attracted by Bitcoin spot ETF, with a daily average of about $500 to $650 million, equivalent to purchasing 10,000 to 13,000 Bitcoins per day.
According to QCP’s analysis, as global liquidity increasingly favors spot ETFs, this trend of capital inflows is expected to continue, especially after large financial institutions such as Fidelity announced their allocation of 1% to 3% of cryptocurrencies in various ETFs, making digital assets a hot topic in mainstream investment markets.
QCP also observed a significant growth in the Bitcoin call options market in addition to the capital inflows in the spot market. Just this week, the market witnessed approximately $10 million in margin being invested in Bitcoin call options with expiration dates from April to December and exercise prices ranging from $60,000 to $80,000.
Therefore, QCP Capital predicts that with the driving force of these strong capital inflows, Bitcoin may easily surpass its all-time high before the end of March.
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