Bitcoin Finally Breaks $80,000: What Will Be BTC’s Next ATH
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- As of now, approximately 4.27% of Bitcoin’s supply is tied up in spot exchange-traded funds.
- Experts project a market peak between November 2024 and February 2025.
Bitcoin [BTC] continues to prove itself as the dominant cryptocurrency. After almost a month of stagnation and sideways movement, it reached a new all-time high by crossing the $80,000 threshold.
The cryptocurrency has surged over 5% in just 24 hours and over 18% within the last week, according to AskFX using CoinMarketCap data.
Positive growth atmosphere
The surge in Bitcoin’s price is occurring alongside a broader market bullish sentiment, particularly after the SEC granted approval for spot Bitcoin ETFs (exchange-traded funds) back in January.
AskFX’s examination of SoSo Value statistics indicates that nearly $26 billion worth of BTC has been directed into these funds following their listing.
Additioanally, inflows spiked significantly after an initial period marked by outflows from Grayscale Bitcoin Trust (GBTC).
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as we write this assessment, assets under management (AUMs) for Bitcoin spot ETFs have approached nearly $79 billion—a figure accounting for about 5.21% of total Bitcoin supply.
Source: SosoValue. p >
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The recent performance seen with Bitcoin may be influenced by various factors outside just cryptocurrencies.
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Recently declining inflation rates and improved employment growth have emerged as key considerations. These elements encouraged a relatively soft approach from the Federal Reserve—leading them to maintain steady interest rates during last month’s FOMC meeting. While investors forecasted stable interest rates remaining at next month’s FOMC meeting, discussions around potential cuts later this year could take place if inflation stays well-kept under control. Ultimately resulting in investors engaging more readily with risk-prone assets across stocks cryptocurrencies outlook speculation investments.
Is Bitcoin becoming increasingly scarce while values rise? h2 >
The increasing amount held within spot ETFs has caused notable shortages available throughout markets—as evidenced through AskFX references quoting Santiment data indicating ongoing decreases on exchange-held supplies.
Currently observed holds from exchanges cover merely around nine percent totality currently existing supply levels concentrated exchanges outset positioned above twelve percent early Year commencing. p >
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Source: Santiment (
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