Bitcoin ETFs account for about 75% of new investments — CryptoQuant
An estimated 75% of new Bitcoin (BTC) investments come from the 10 spot Bitcoin exchange-traded funds (ETFs) that were approved in the United States on Jan. 11.
In the past two weeks, over three-quarters of new Bitcoin investments originated from spot Bitcoin ETFs, excluding Grayscale’s Bitcoin Trust (GBTC) ETF, according to a Feb.14 report by on-chain data analytics firm CryptoQuant.
“We estimate over 75% of new investment into Bitcoin are coming from these ETFs. Moreover, investment from these ETFs has increased to 2% of the total historical investment in Bitcoin in just one month as measured by the realized market capitalization,” the report said.
Bitcoin rose 1.8% in the 24 hours leading up to 10:45 a.m. UTC, to trade at $52,354. Bitcoin reached a two-year high of $51,000 on Feb. 14, propelling its market capitalization above $1 trillion for the first time since November 2021. The total crypto market capitalization stands at $1.96 trillion, up 2.01% on the day.
According to an X post on Feb. 14 by CryptoQuant head of research Julio Moreno, ETF demand was the main driver behind Bitcoin’s price surge.
“Bitcoin has crossed the $50,000 mark mostly on the back of fresh demand from ETFs.”
Related: BTC price due $55.4K next amid warnings over end of Bitcoin 'euphoria'
The spot Bitcoin ETFs amassed a total of 4,115 Bitcoin, worth approximately $215 million, according to data from Farside Investors. BlackRock’s iShares Bitcoin ETF (IBIT) was responsible for the lion’s share of the inflows, with a total of 4,843 Bitcoin worth $253 million at publication time.
TheCryptoQuant research report expects Bitcoin to breach $56,000 as the next significant price level.
“The next target for Bitcoin stands at $56,000 from a network valuation perspective. Valuation indicators are not flashing risks of a meaningful price correction.”
However, Bitcoin price faces significant resistance around $52,000 , due to a “brick wall of asks on Bitfinex,” up to the $52,300 mark, according to an X post on Feb. 14 by on-chain analyst Cole Garner.
Related: Gold ETFs bleed $2.4B so far in 2024 as Bitcoin ETFs hit record volumes
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Sei Investments increases 39% stake in MicroStrategy

Fidelity Spot Solana ETF Gains Traction As SEC Acknowledges Filing

Paul Atkins Moves Closer to SEC Chair Role After Senate Committee Approval

Lawmakers Request SEC Records on WLFI Over Trump Family’s Reported Financial Ties

Trending news
MoreCrypto prices
More








