Bitcoin (BTC) Daily Inflows At Two-Year High, BTC Price Surge to $83,000 Likely
The world’s largest cryptocurrency Bitcoin (BTC) continues to show market strength holding firmly above $72,000. The investor sentiment continues to remain pretty strong as the Bitcoin price continues to tickle new highs.
Bitcoin Daily Inflows Highest Since 2021
According to Bitcoin analyst Willy Woo, daily capital inflows stored by the Bitcoin network have reached $2 billion per day, a level comparable to the last significant bull market. Woo predicts that this time, the inflows are likely to increase even further. He attributes the notable increase in inflows to the opening up of spot ETFs, which has significantly boosted the influx of capital into the Bitcoin network.
Daily inflows of capital being stored by the #Bitcoin network just hit $2b per day, that's the level we hit in the last full blown bull regime. This time it should climb much higher.
Spot ETFs are opening up the inflow pipes markedly. pic.twitter.com/tKmzbd3SEJ
— Willy Woo (@woonomic) March 12, 2024
On-chain data also shows that small Bitcoin wallets have been accumulating while whales have been selling their supplies. According to on-chain data provider Santiment, in the last two weeks as Bitcoin has consistently reached new all-time highs, the number of small wallets holding less than 0.1 BTC has continued to rise, increasing by 277,000. Conversely, wallets holding 1,000 BTC or more have decreased, with 105 fewer wallets recorded during the same period.
BTC Price Rally to $83,000 Likely
Renowned crypto analyst Ali Martinez sheds light on a significant development in the cryptocurrency market, as approximately $83 billion flows into various digital assets. Notably, a substantial portion of this influx, totaling $75 billion, is directed toward the two leading cryptocurrencies, Bitcoin and Ethereum.
Martinez’s analysis, based on the Bitcoin MVRV Pricing Bands, suggests a pivotal price target for Bitcoin at $83,035. This observation underscores the growing momentum and investor interest in Bitcoin, with the cryptocurrency poised to reach significant milestones in its valuation.
According to the #Bitcoin MVRV Pricing Bands, the next key price target for $BTC is $83.035! pic.twitter.com/Qc8QA62LmZ
— Ali (@ali_charts) March 12, 2024
The influx of funds into Bitcoin and Ethereum reflects a broader trend of institutional and retail investors seeking exposure to the cryptocurrency market.
On the other hand, U.S. equities also showed strength despite the inflation numbers for February coming to be hotter than expected. Director of Global Macro at Fidelity, Jurrien Timmer, highlights a significant trend in the financial landscape, emphasizing the resurgence of liquidity regardless of the Federal Reserve’s stance.
Timmer notes that overall liquidity, as indicated by the Federal Reserve’s balance sheet minus reverse repos (RRP) and the Treasury’s cash balance at the Fed (TGA), has been steadily increasing since mid-2023. This uptrend in liquidity has coincided with a rise in stock prices. Moreover, with liquidity staying strong, any major correction in the Bitcoin price or crypto looks like a distant possibility.
Fed pivot or not, liquidity is on the rise again. Overall liquidity, as defined by the Fed’s balance sheet, less reverse repos (RRP) less the Treasury’s cash balance at the Fed (TGA), has been rising since mid-2023, taking stocks with it.
pic.twitter.com/h50R2N8WgX
— Jurrien Timmer (@TimmerFidelity) March 12, 2024
The post Bitcoin (BTC) Daily Inflows At Two-Year High, BTC Price Surge to $83,000 Likely appeared first on CoinGape.
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Bitcoin (BTC) Daily Inflows At Two-Year High, BTC Price Surge to $83,000 Likely
The world’s largest cryptocurrency Bitcoin (BTC) continues to show market strength holding firmly above $72,000. The investor sentiment continues to remain pretty strong as the Bitcoin price continues to tickle new highs.
Bitcoin Daily Inflows Highest Since 2021
According to Bitcoin analyst Willy Woo, daily capital inflows stored by the Bitcoin network have reached $2 billion per day, a level comparable to the last significant bull market. Woo predicts that this time, the inflows are likely to increase even further. He attributes the notable increase in inflows to the opening up of spot ETFs, which has significantly boosted the influx of capital into the Bitcoin network.
Daily inflows of capital being stored by the #Bitcoin network just hit $2b per day, that's the level we hit in the last full blown bull regime. This time it should climb much higher.
Spot ETFs are opening up the inflow pipes markedly. pic.twitter.com/tKmzbd3SEJ
— Willy Woo (@woonomic) March 12, 2024
On-chain data also shows that small Bitcoin wallets have been accumulating while whales have been selling their supplies. According to on-chain data provider Santiment, in the last two weeks as Bitcoin has consistently reached new all-time highs, the number of small wallets holding less than 0.1 BTC has continued to rise, increasing by 277,000. Conversely, wallets holding 1,000 BTC or more have decreased, with 105 fewer wallets recorded during the same period.
BTC Price Rally to $83,000 Likely
Renowned crypto analyst Ali Martinez sheds light on a significant development in the cryptocurrency market, as approximately $83 billion flows into various digital assets. Notably, a substantial portion of this influx, totaling $75 billion, is directed toward the two leading cryptocurrencies, Bitcoin and Ethereum.
Martinez’s analysis, based on the Bitcoin MVRV Pricing Bands, suggests a pivotal price target for Bitcoin at $83,035. This observation underscores the growing momentum and investor interest in Bitcoin, with the cryptocurrency poised to reach significant milestones in its valuation.
According to the #Bitcoin MVRV Pricing Bands, the next key price target for $BTC is $83.035! pic.twitter.com/Qc8QA62LmZ
— Ali (@ali_charts) March 12, 2024
The influx of funds into Bitcoin and Ethereum reflects a broader trend of institutional and retail investors seeking exposure to the cryptocurrency market.
On the other hand, U.S. equities also showed strength despite the inflation numbers for February coming to be hotter than expected. Director of Global Macro at Fidelity, Jurrien Timmer, highlights a significant trend in the financial landscape, emphasizing the resurgence of liquidity regardless of the Federal Reserve’s stance.
Timmer notes that overall liquidity, as indicated by the Federal Reserve’s balance sheet minus reverse repos (RRP) and the Treasury’s cash balance at the Fed (TGA), has been steadily increasing since mid-2023. This uptrend in liquidity has coincided with a rise in stock prices. Moreover, with liquidity staying strong, any major correction in the Bitcoin price or crypto looks like a distant possibility.
Fed pivot or not, liquidity is on the rise again. Overall liquidity, as defined by the Fed’s balance sheet, less reverse repos (RRP) less the Treasury’s cash balance at the Fed (TGA), has been rising since mid-2023, taking stocks with it.
— Jurrien Timmer (@TimmerFidelity) March 12, 2024
The post Bitcoin (BTC) Daily Inflows At Two-Year High, BTC Price Surge to $83,000 Likely appeared first on CoinGape.
Read More
Bitcoin Price Crash Not Over? Analyst Predicts Another 30% Crash As Longs Pile Up Again