On days like today, it’s hard to conjure up anything else other than stating the obvious: Bitcoin is on a tear.
Since our last post about bitcoin a week ago, BTC has jumped ~20%.
The momentum accelerated this AM when BTC moved a causal $3k (~5%) by the time I could finish my morning coffee.
That’s it, really. That’s the story. All eyes are on bitcoin right now. Prices hit $64k just before Coinbase started having issues, which somewhat halted the momentum.
Either way, we haven’t been at these levels since November 2021 and we’re only about ~10% away from all-time highs. If we pass the $69k milestone soon, it’ll be the first time in history bitcoin will hit an all-time high before it’s halvening event, which expected to happen in April.
Uncharted price territory may be closer than we all thought.
ETF Update:
It’s becoming increasingly obvious that the new ETFs are having an immediate impact on bitcoin’s price. The stats are wild:
BlackRock’s IBIT keeps hitting records: Yesterday the ETF hit a record daily inflow of $520 million. That’s 5% higher than the previous inflow record set on February 13 and a number that eclipses the total net inflows that were registered on Monday for all U.S. spot ETFs combined.
Demand isn’t only coming from institutions: There were more individual trades yesterday in the bitcoin ETFs than there were in the S&P 500 ETF (SPY) and the NASDAQ (QQQ).
Unparalleled supply and demand mismatch going on: As we discussed in the past, this type of demand cannot be ignored. The spot Bitcoin ETFs are buying approximately 11.17 times more BTC per day than the daily issuance.
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