Wealthy investors have been moving large stacks of Bitcoin at record levels, as the flagship crypto looks set to break above $50,000 price levels once again.
This is triggered by the relatively strong bullish momentum in the BTC market.
A large entity transferred 13,070 BTC ($642M) in block 673,321 wallet.
Whale alert! 🐋 Someone moved 4,349 BTC ($214M) in block 673,315 https://t.co/h8s6iy3oNK
— Bitcoin Block Bot (@BtcBlockBot) March 5, 2021
Top crypto strategist, Van de Poppe, recently spoke on key price levels that could weigh on the direction of the flagship crypto asset in the near term.
“I’m assuming that once we hold this $49,000 zone that we’ve just discussed I think we have to break through $52,000 to have continuation towards $56,000. But as this entire region ($44,900-$52,000) has become a range-bound construction I’m not assuming that we will.”
This is coming on the back of institutional investors increasing their buying pressure amid recent price corrections prevailing at the world’s most volatile financial market.
Long-term supply decreases as HODLers take profits during bull markets – and increases in re-accumulation phases at cheaper prices.
Such data suggest that the Bitcoin market is transferring Bitcoin wealth from the impatient to the patient.
Data from Glassnode recently revealed that there was a 2% plunge in the number of flagship cryptos held on crypto exchanges between February 23 and March 2. This is equivalent to about 52,900 Bitcoins.
At press time, the flagship crypto asset was trading at $49,126.38 on the FTX exchange, with a daily trading volume of $47.2 billion. Bitcoin is up 0.89% for the day.
Though it’s often hard to anticipate market movements, such entities have historically shown that they often determine Bitcoin’s trend.
Bitcoin ETF in North America has reached $1 billion in assets
The first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch.
According to a statement from its issuer, the first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch. What exchange-traded funds did to the conventional investing market for decades could happen to cryptocurrency players in a fraction of the time.
Investors are clamoring for crypto exposure, particularly in an exchange-traded fund wrapper, and the product from Toronto-based Purpose Investments, ticker BTCC, has seen a lot of interest. Although there are many crypto funds in Europe that work similarly to ETFs, this is the first ETF anywhere.
More than $165 million worth of shares were traded on the fund’s first trading day in February, a big start for a fund in the much smaller Canadian ETF market.
Its rapid cash accumulation reflects the high demand for Bitcoin products in the United States, as issuers compete for approval of the first Bitcoin ETF in the nation. Despite regulator resistance to accept the tactics, at least eight companies, including VanEck Associates Corp. and WisdomTree Investments, now have live applications with the Securities and Exchange Commission.
On Tuesday, Bitcoin surged to an all-time high of about $63,246 ahead of Coinbase Global Inc.’s upcoming IPO later this week.
There is an increasing expectation that a bitcoin ETF will be available in the United States in the not-too-distant future. Gary Gensler, the nominated chairman of the Securities and Exchange Commission, has taught cryptocurrency classes. The bitcoin market has exploded in popularity in recent months, attracting the attention of major financial institutions. Bitcoin ETFs are once again being sought by VanEck, Fidelity, and others.
One advantage of ETFs is that shares can be readily created and redeemed to arbitrage away any discount or premium, which could greatly broaden their appeal. ETFs are also cheaper, which will put pressure on fees across the bitcoin ecosystem. Hence market sentiment may push the ETF higher.
Bitcoin is on fire, breaks above all-time high
The flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion.
Bitcoin prices ascended to a record high on Tuesday, hitting another milestone at above $62,000, a move that many reaffirm to be a bullish trend in the cryptoverse and one that can make other digital assets surge.
At the time of writing this report, the flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion. Bitcoin is up 2.99% for the day. The world’s most popular crypto now has a market value of about $1.17 trillion.
Adding credence to the strong bullish run in play is data retrieved from Glassnode pointing to the fact that holders of the flagship crypto are selling less, as Bitcoin deposits on exchanges hit a 30-day low.
BTC Number of Exchange Deposits (7d MA) just reached a 1-month low of 2,837.702.
— glassnode alerts (@glassnodealerts) April 13, 2021
More details later…
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