Bitcoin Breaks $50,000 Mark, Fueled By ETF Inflows
Portfolio Pulse from Murtuza Merchant
Bitcoin (BTC) surged to $50,300, driven by strong ETF inflows and increased institutional investment. Spot Bitcoin ETFs saw over $1.1 billion in net inflows, while Grayscale Bitcoin Trust (GBTC) and ProShares' futures-based ETF experienced outflows. Genesis' liquidation of $1.6 billion GBTC holdings could impact future ETF inflows and Bitcoin prices. Technical analysis suggests potential for further gains, with a key level at $84,500.
February 12, 2024 | 6:02 pm
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Grayscale Bitcoin Trust (GBTC) experienced outflows amidst a broader surge in Bitcoin and spot Bitcoin ETF inflows. Genesis' liquidation of $1.6 billion GBTC holdings poses a potential risk to its price.
GBTC experienced outflows while the broader Bitcoin market and spot Bitcoin ETFs saw inflows, indicating a shift in investor preference. The liquidation of Genesis' GBTC holdings could further pressure GBTC's price in the short term due to increased supply in the market.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80