Bitcoin hit a high of $48,592 at noon today (11), with a difference of less than $500 from its previous high in mid-January. As the market closely watches whether BTC can continue to rise, Ki Young Ju, the founder of well-known on-chain analytics firm Crypto Quant, predicted the price trend of BTC this morning on Twitter:
Ki Young Ju also mentioned that the current monthly inflow of spot ETF funds in the Bitcoin market is $9.5 billion, which has the potential to push the realized cap to $114 billion per year.
The calculation of realized cap is based on the estimated market value at the last movement of all bitcoins, which can be understood as the average cost of holding coins for all holders.
On the other hand, Grayscale’s GBTC had a net outflow of $51.81 million on the last trading day of the week, setting a new record low for daily net outflows of GBTC. The other nine Bitcoin ETFs, excluding Grayscale, had a total net inflow of $592 million.
The Bitcoin spot ETF with the highest daily net inflow is IBIT from BlackRock, with a daily net inflow of $250 million, accounting for 42.2% of the total inflow. The second highest is FBTC from Fidelity, with a daily net inflow of approximately $188 million, accounting for 31.7% of the total inflow.
Bitcoin whales bought 140,000 BTC in the past three weeks
According to data analyst Ali Charts, who posted on Twitter this morning, whales holding 1,000 to 10,000 BTC have been buying large amounts again recently. They have purchased 140,000 BTC in the past three weeks, worth over $6.1 billion.
If these whales choose to continue buying or hold for the long term, coupled with the weakening selling pressure of GBTC, the upward trend of Bitcoin may continue.
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