As Q2 2024 unfurls, Bitcoin continues to dominate headlines, boasting a staggering 69% price increase in the first quarter alone. This surge, primarily fueled by the debut of spot Bitcoin Exchange-Traded Funds (ETFs) and the anticipation for Bitcoin halving, underlines a transformative phase for the crypto market.
Following a sequence of five days of net outflows, U.S. spot bitcoin exchange-traded funds (ETFs) experienced modest inflows on Friday, capturing nearly 900 bitcoins from the market, totaling $59.7 million. Concurrently, Grayscale's Bitcoin Trust (GBTC) teeters on the brink of falling below the 300,000 mark, as it recorded a holding of 304,970.
The SEC's approval of Bitcoin ETFs has transformed the market, with inflows supporting prices and altering post-halving dynamics. The post Bitcoin on-chain metrics are “decidedly positive” after the halving, highlights Bitfinex report appeared first on Crypto Briefing.
Hunter Horsley, CEO of Bitwise, predicts a surge in holdings of Bitcoin exchange-traded funds (ETFs) by wealth management firms post-halving.
Though demand for US spot bitcoin ETFs has slowed down, the category snapped a five-day outflow streak on the day of the bitcoin halving.
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