Bitcoin Reaches Near $44,000 Mark with ETFs Experiencing Weekly Net Inflows After a Week
Bitcoin ETFs experienced a notable turnaround on Monday, registering their first net inflows in a week, driving bitcoin prices to their highest level since the commencement of trading. Despite continued net outflows at the Grayscale Bitcoin Trust (GBTC), ETF issuers collectively added over 4,200 bitcoin to their portfolios, valued at approximately $183 million.
In the preceding week, daily flows consistently showed negative trends, with around 20,000 bitcoin exiting the funds from Jan. 23 to Jan. 26. The last instance of net inflow occurred on Jan. 22, when the spot funds collectively incorporated just over 1,200 bitcoin.
Inhoudsopgave
Bitcoin Surges 10% increase
The price of bitcoin, which had dipped below $39,000 due to increased selling pressure last week, rebounded, reaching a peak of $43,900 on Monday. As of press time, it is trading at $43,500, marking a commendable 10% increase from levels observed a week ago.
Despite the sustained outflows at GBTC since the ETFs’ launch, the pace has gradually diminished. The fund witnessed an average outflow of $470 million in the initial six days post the spot ETFs’ debut. On Monday, this figure decreased to $192 million, as reported by research firm BitMEX.
In the first 12 trading days since receiving approval on Jan. 10, the newly introduced ETFs have accumulated total net inflows surpassing $1 billion, according to BitMEX’s findings. This positive momentum indicates a growing investor interest in bitcoin, despite the recent market fluctuations.
In conclusion, the recent surge in bitcoin prices, coupled with the positive net inflows in ETFs, reflects a renewed investor confidence. The market resilience demonstrated amid challenges highlights the cryptocurrency’s enduring appeal and potential for sustained growth.
Want to learn more about bitcoin mining or start mining yourself?
“This data underscores considerably stronger profitability in the mining sector compared to challenges experienced in 2022 and part of 2023.”
In approximately six months, Bitcoin undergo a “halving,” reducing the new bitcoins awarded to miners by half. Satoshi Nakamoto introduced this event in 2009 as an anti-inflationary measure. Occurring roughly every four years, the lead-up to halvings traditionally proves the most profitable time for crypto investors. “Buying bitcoin six months before a halving and selling 18 months after has historically outperformed a ‘buy and hold’ strategy,” affirms the analyst.
Bitcoin mining explained.
Bitcoin Mining is the industry where the largest institutional party BlackRock is betting big and has recently become majority shareholder in four of the five largest mining companies.
You buy one or more Bitcoin mining machines and within 6-8 weeks it is mining for you with a current rate of 5.2 cents including hosting. Security and maintenance. What does a miner cost? How can these power rates be so low? Want to know more?
Attend the free Q&A about mining:
With Mitchell Weijerman (CEO of Epic Mining) . Where Mitchell answer all your questions live.
Also you can calculate profit in this spreadsheet
Full article about mining in depth you can find here. Bitcoin mining – Buy Low Mine High.
The simple way how smart investors can profit from a broken banking system. How crypto miners made 16.7 billion USD in 1 year and how we can get a piece of it. How anyone can make money with crypto mining within 4-8 weeks, regardless of your knowledge or experien
