According to Bloomberg data, this week saw a whopping $2.5 billion flow into Bitcoin spot ETF, indicating that institutions are still heavily accumulating. With the continuous net inflows into spot ETF and the price of Bitcoin surpassing the $52,000 mark this week, the mining difficulty skyrocketed by over 8.24% to 81.73 T on the 15th, once again reaching a new all-time high.
(Brief summary:
QCP Capital: Bitcoin easily broke $69,000 in March! Spot ETF continues to attract funds with a daily net inflow of 13,000 BTC.)
(Background:
Bitcoin spot ETF trading volume nearing CEX! CryptoQuant: Institutional impact on BTC will become more significant.)
Table of Contents
BlackRock’s IBIT attracted over $5 billion
Crypto Quant founder: Bitcoin could reach €112,000 this year
Mining difficulty hits a new high, intense competition among mining companies
Since its launch on January 11, the Bitcoin spot ETF has remained highly popular, with institutions continuously accumulating. According to Bloomberg’s compiled data, nearly $2.5 billion has flowed into Bitcoin spot ETF this week! Among them, BlackRock’s IBIT accounted for a whopping 58% of the total inflow this week, more than the sum of other competitors.
On Monday, IBIT also set a record as the second-highest daily trading volume since its listing, reaching approximately $35 million. In recent days, BlackRock’s role as the leader in the Bitcoin spot ETF market has become increasingly apparent. Since its launch, IBIT has received over $5 billion in inflows, surpassing the second highest, Fidelity, by approximately $1.5 billion.
Further reading:
Real-time status of Bitcoin spot ETF: BlackRock’s trading volume surpasses Grayscale for the second time, GBTC selling pressure down by 50%
(Source: Bloomberg)
With the continuous reduction in GBTC selling pressure, funds flowing into Bitcoin spot ETF have remained positive since January 29. Bitcoin has become a hot commodity, and its price briefly surpassed $52,800 on Thursday, rising 9.7% in the past 7 days and currently trading at $51,941.
Ki Young Ju, the founder of well-known on-chain analytics firm Crypto Quant, predicted the price trend of BTC over the weekend, stating that based on the current trend of funds flowing into spot ETFs, the top price this year could reach $104,000 to $112,000. QCP Capital also made an optimistic prediction, suggesting that Bitcoin could easily surpass its all-time high of $69,000 before the end of March.
Further reading:
Crypto Quant founder: Bitcoin could reach $112,000 in 2024, ETF funds continue to flow in, GBTC selling pressure hits new low
Against the backdrop of the strong inflow of funds into spot ETFs driving the rise in the price of Bitcoin, the mining difficulty of Bitcoin has once again reached a new all-time high, intensifying competition among mining companies.
According to BTC.com data, when the block height reached 830,592, Bitcoin experienced a mining difficulty adjustment, with the difficulty surging by 8.24% to 81.73 T, once again reaching a new all-time high, and the average hash rate reaching 632.45 EH/s. The last difficulty adjustment on February 2 also saw a significant increase of over 7.33%.
For mining companies, with less than two months left before the Bitcoin halving, this may be the stage where financing and profits are at their highest before the halving. Therefore, mining companies have started to put in more effort and mine more aggressively, aiming to mine first and win, in order to actively face the upcoming halving and reduce income.
(Source: BTC.com)
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Why is Bitcoin not rising? Miners have sold 8,400 BTC this year, reserves at a 30-month low.