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CryptoXTimes > Article > Bitcoin News > Bitcoin ETF Surge Amid Market Volatility Sparks Optimism
Bitcoin NewsNews

Bitcoin ETF Surge Amid Market Volatility Sparks Optimism

Bitcoin ETFs gather 4.27% of BTC amidst market turmoil, analysts anticipate recovery.

Rubab Fatima
Last updated: April 14, 2024 4:19 pm
Rubab Fatima 1 year ago
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Bitcoin ETF Surge Amid Market Volatility Sparks Optimism

Spot Bitcoin ETFs changed the way people deal in cryptocurrencies in a significant manner when they first came out. Not only have these financial tools made significant businesses interested in Bitcoin, but they have also changed the way the market moves as everyone gets ready for the next split. Coin’s value has dropped to $61,000 because of recent political unrest, wiping out any gains made in the last few weeks.

According to data from on-chain analytics tool IntoTheBlock, issuers of Spot Bitcoin ETFs have been steadily buying more BTC since the beginning of 2024. They now hold an amazing 4.27% of the total BTC supply. With a combined 11% of the moving supply, these groups have quickly joined the group of well-known BTC whales.

Bitcoin Giants BlackRock’s IBIT and Fidelity’s FBTC Lead the Way

The way is being paved by major names like BlackRock’s IBIT and Fidelity’s FBTC ETFs. As of April 12, the last trade day, these two ETFs had gained a substantial 405,749 BTC. The price of Bitcoin hit an unheard-of $73,737, which is an all-time high. This is because of the flood of institutional capital.

Same data in BTC terms pic.twitter.com/bqoFKjQeRI

— BitMEX Research (@BitMEXResearch) April 13, 2024

Soon after Bitcoin’s rise, though, markets all over the world were shook by the fighting between Iran and Israel, which caused the price to drop sharply. Bitcoin’s value dropped from $67,800 to $61,000 in just 24 hours, which was bad news for people who wanted to buy it.

Analysts are still hopeful, even though the market is unstable, because they see signs that things will get better quickly. As this is written, BTC is worth less than $65,000, which means it will slowly go up again.

As the next halving event gets near on the Bitcoin blockchain, investors are keeping a close eye on how it might affect prices. With less than 1,000 blocks left, people are getting more and more excited because past data shows that there are patterns of spikes after halving.

Prices went up by 1,000% to over 7,000% in the months after the 2012, 2016, and 2020 halves. But experts say this time is different because Spot BTC ETFs have made business demand rise.

They say that this new round of institutional capital could push Bitcoin above $100,000. This would mean that the market for cryptocurrencies is likely to go up.

In conclusion, investors may be less optimistic because of global tensions and short-term market changes. However, Bitcoin’s long-term road remains bullish, thanks to institutional adoption and the upcoming halving event. Everyone is watching BTC way to wide acceptance as the crypto world changes all the time.

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TAGGED: Bitcoin, Crypto, fbtc, IBIT
Previous Article Dogecoin’s 13% Plunge Leaves Investors Reeling Amidst Turmoil Dogecoin’s 13% Plunge Leaves Investors Reeling Amidst Turmoil
Next Article Hong Kong Greenlights Bitcoin, Ethereum ETFs, Expanding Hong Kong Greenlights Bitcoin, Ethereum ETFs, Expanding
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