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- Bitcoin price has printed a new ATH above the $73,000 mark.
- The coin’s growth comes despite inflation concerns in key markets like the US.
Bitcoin (BTC), the world’s leading cryptocurrency has once again shattered its all-time high (ATH), surging above $73,000, according to our data. This extraordinary feat comes at a time of mounting concerns over inflation, as Central Banks around the world grapple with solving rising costs.
ETF Market Inflows Drove BTC ATH Surge
Despite these worries, spot Bitcoin Exchange-Traded Fund (ETF) market inflows for Tuesday, March 12, played an important role in propelling Bitcoin to new heights, with net inflows reaching $1,045,000,000, according to data from Farside.
Yesterday's net inflows was a net billy
$1,045,000,000 inflows.
Blackrock with $850 million of net inflows! New record.$GBTC only 79 million outflows.
Price went down to liquidate some fomo'ers but we are back at $73k
I am on mobile now so keeping it short
Source:… pic.twitter.com/W8ktKITpmz
— WhalePanda (@WhalePanda) March 13, 2024
Notably, BlackRock, a major player in the financial industry, witnessed a new record with $850 million of net inflows. Conversely, Grayscale’s GBTC experienced only $79 million in outflows. This disparity in inflows and outflows highlights the growing institutional interest and confidence in Bitcoin as an asset class.
Eric Balchunas, a Senior ETF Analyst at Bloomberg Intelligence, highlighted the impressive performance of the BTC-spot ETF market, emphasizing the substantial trading volumes and increased investor participation. Balchunas noted, “Second biggest volume day for the ten and best day in the past five w/ $8.5b (only five stocks traded more). $IBIT went crazy again (double $GLD volume) but the middle of the pack really seeing pick-up, $HODL and $BTCO did 150m and 250m, huge for them.”
While the influx of funds into spot Bitcoin ETFs supported buyers’ demand, concerns over inflation, particularly in the United States, dampened market sentiment. The release of a hotter-than-expected US Consumer Price Index (CPI) report on Tuesday initially led to a dip in BTC’s price, with the cryptocurrency falling to a session low of $68,241 before rebounding above $71,000.
Nevertheless, BTC found support from the Nasdaq Composite Index, which rallied 1.54% on the same day, as equity markets shrugged off inflation worries on speculations of potential interest rate cuts by the Federal Reserve in June.
Technical Indicators and Institutional Interest in Bitcoin
As the Bitcoin Halving event approaches, investors are closely monitoring spot Bitcoin ETF market flows for further insights into market dynamics. At the time of writing, there has been a BTC ATH cool off and the coin is trading at $73,252, representing a 2% increase in the past 24 hours, with a trading volume of $62 billion.
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On the technical side, buy volume outweighs sell volume, indicating a favorable outlook for further price appreciation towards $80,000. Moreover, the increasing Open Interest (OI) suggests a growing bullish sentiment among traders, with the potential for a breakout candlestick on the BTC/USD chart.
A recent analysis revealed a notable movement of dormant coins into circulation, indicating sustained interest from long-term holders and confirming the bullish trend historically associated with such activity. Moreover, indicators such as Social Dominance suggest the potential for further price appreciation beyond current levels, with historical correlations suggesting room for upward movement towards the $80,000 to $100,000 range.
With institutional investors increasingly bullish on Bitcoin’s prospects, forecasts such as the $150,000 prediction made by Bernstein, per Crypto News Flash’s earlier announcement, gain further validation.
