- Following the massive $520 million inflow on Monday, spot Bitcoin exchange-traded funds (ETFs) are experiencing high trading volumes in the pre-market hours on Tuesday.
- The increase in spot Bitcoin ETF volumes and inflows highlights the growing interest in Bitcoin ETFs and signals a significant shift in investor sentiment.
- According to CryptoQuant, Bitcoin’s upside potential is likely as long-term holders with a 2-3 year holding period surpass the resistance price.
The strong exceedance of the Bitcoin price above 57K dollars is being watched carefully by investors in the markets: Here are the latest reports!
The Rise in Bitcoin Attracts the Attention of the Markets
The robust performance of Bitcoin ETFs today, following the massive $520 million inflow on Monday, raises the question of whether the BTC price will reach another peak of $60,000 during this bull run.
The surge in spot Bitcoin ETF volumes and inflows underscores the growing interest in Bitcoin ETFs and indicates a notable change in investor sensitivity. Bitcoin and Ethereum, the two major cryptocurrencies, have recorded gains of approximately 30-36% respectively compared to the beginning of the year.
Matrixport predicts that the outperformance of BTC and ETH compared to oil, Nasdaq, S&P 500, gold, and bond ETFs will trigger FOMO among Wall Street investors and clearly lead the broader asset groups. Nvidia is at the forefront with over 64% ROI.
BlackRock’s iShares Bitcoin ETF (IBIT) and Grayscale’s GBTC are trading 3.73% and 3.80% higher in the pre-market hours on Tuesday, respectively. Increased investment from Wall Street investors into GBTC is expected to trigger another high-performance day.
Other major Bitcoin ETFs, including Fidelity Wise Origin Bitcoin Fund (FBTC), Ark 21Shares Bitcoin ETF (ARKB), and Bitwise Bitcoin ETF (BITB), are trading 4.11%, 4.07%, and 3.63%, respectively. Fidelity had the highest gains on Monday with a $243.3 million inflow. Experts anticipate that ETFs will continue to set new volume records this year, with the halving event acting as a triggering mechanism.
Will BTC Price Reach $60,000?
In addition to the spot Bitcoin ETF, crypto stocks such as MicroStrategy, Coinbase, and Robinhood are also experiencing high trading volumes in the pre-market hours. MSTR price rose by 6.09% to $845 after acquiring an additional 3,000 Bitcoins, increasing its holdings to 193,000 BTC. COIN reached a new 52-week high of $203.63 in pre-market hours.
Crypto mining stocks such as CleanSpark, Riot Platforms, and Marathon Digital are trading 5-10% higher after a more than 20% surge when Bitcoin surpassed $57,000.
According to CryptoQuant, Bitcoin’s upside potential is likely as long-term holders with a 2-3 year holding period surpass the resistance price. The BTC price has surged significantly, and it is likely to surpass the previous cycle peak of $68,000, which could act as a forward resistance, given that $57,000 is the only resistance price above.
The BTC price has risen by over 11% in the last 24 hours and is currently trading at $56,784. The trading volume has increased by over 200%, indicating a bullish sentiment among traders.
