50 thousand dollars could attract Bitcoin like a magnet
Bitcoin buyers spent every moment trying to conquer the higher climbs, up 6% from the first day of trading, and market watchers were seeing huge amounts of money pouring into each of the Bitcoin ETFs, and how much in Grayscale GBTC The Trust remains in the process of becoming a proper ETF.
I think these numbers will be difficult to truly interpret, but I also suspect that the numbers are shaping up to form a new story on Bitcoin.
Eric Balchunas of Bloomberg predicted $4 billion in AUM on the first day. Given that Canadian ETFs reached $480 million in the first two days of trading (keep in mind that Canada is one-tenth the size of the US, plus it has a much smaller GDP per capita and no global markets).
I used to see these numbers as close to $15 billion, but now there is $30 billion in Grayscale, and how that amount of money flows is a huge question mark for me.
As for pricing, Bitcoin hit a high of $49,051 but has since lost $3,000. I could see the $50,000 tag as a new event that would trigger a new scenario.
Bitcoin is near weekly highs, and Bitcoin ETF hype is on the rise
With the ETF hype-machine in full swing, the flow of money is increasing, and the question is whether this will be the real deal.
What I'm asking is: What will Bitcoin be motivated by next week? Will it continue its upward trend until conquering the peak of 80 thousand dollars? Is the halving phenomenon coming? Or will it hold this market for about three months?
Bitcoin buyers spent every moment trying to conquer the higher climbs, up 6% from the first day of trading, and market watchers were seeing huge amounts of money pouring into each of the Bitcoin ETFs, and how much in Grayscale GBTC The Trust remains in the process of becoming a proper ETF.
I think these numbers will be difficult to truly interpret, but I also suspect that the numbers are shaping up to form a new story on Bitcoin.
Eric Balchunas of Bloomberg predicted $4 billion in AUM on the first day. Given that Canadian ETFs reached $480 million in the first two days of trading (keep in mind that Canada is one-tenth the size of the US, plus it has a much smaller GDP per capita and no global markets).
I used to see these numbers as close to $15 billion, but now there is $30 billion in Grayscale, and how that amount of money flows is a huge question mark for me.
As for pricing, Bitcoin hit a high of $49,051 but has since lost $3,000. I could see the $50,000 tag as a new event that would trigger a new scenario.
Bitcoin is near weekly highs, and Bitcoin ETF hype is on the rise
With the ETF hype-machine in full swing, the flow of money is increasing, and the question is whether this will be the real deal.
What I'm asking is: What will Bitcoin be motivated by next week? Will it continue its upward trend until conquering the peak of 80 thousand dollars? Is the halving phenomenon coming? Or will it hold this market for about three months?