Bitcoin Bulls “Warming Up” As Spot ETF Inflows Exceeds $1.3 Billion In 2 Weeks
2024年5月18日 - 1:00AM
NEWSBTC
Even after the upswing mid-this week, Bitcoin prices remain wavy,
considering price action in lower time frames. The coin is
retesting $66,000 at spot rates, but traders expect the breakout to
have been confirmed, pushing BTC prices toward $70,000. Since the
surge to all-time highs in March, the coin has been on a steady
downtrend, as shown in the formation on the daily chart. BTC
Liquidity Is High Despite Accumulation: Analyst Therefore, as doubt
creeps in, Willy Woo, a Bitcoin on-chain analyst, is calming down
market participants, saying the coin is preparing for sharp gains
in the days ahead. Related Reading: Crypto Analyst Predicts XRP
Price Explosion To Over $18 Though prices are flat-lining in the
daily chart, what’s important to note, Woo says, is the level
of liquidity. Sharing a chart on X, Woo emphasized Bitcoin’s
position within its liquidity cycle. The Bitcoin liquidity cycle is
simply a chart showing the boom and bust periods of the world’s
most valuable coin. Every cycle in history is highly influenced by
the availability and flow of capital in and out of the asset. The
analyst is upbeat, arguing that though prices are down from
all-time highs and appear stuck in a consolidation, the coin is
still in a “warm-up” phase. Woo adds that the current consolidation
period means the long-term risk is low in light of the relatively
high liquidity. Comparing the current state of affairs to
past price action, the analyst predicts that Bitcoin prices will
likely surge. When “the floodgates open” and new capital enters the
market, prices will shoot higher, but so will risk. Bitcoin Uptrend
Just Getting Started? Ki Young Ju, the founder of CryptoQuant, a
crypto analytics platform, has supported Woo’s position. To X, Ju
said Bitcoin is in the middle of a bull cycle. To
explain this view, the founder noted that Bitcoin’s capitalization
has been growing faster than the realized cap. The realized cap is
a metric that aims to gauge the total value of all coins in
circulation based on the price at which they were last moved. This
trend has persisted for roughly two years historically. If this
pattern holds, the bull cycle could end by April 2025. Related
Reading: Did A Dogecoin Whale Just Sink The DOGE Ship? The
$30-Million Transfer Mystery Amid this, interest in spot Bitcoin
exchange-traded funds (ETFs) appears to be swelling. An ETF
analyst, Eric Balchunas, said these derivative products have
attracted a net inflow of over $1.3 billion in the last two weeks
alone. This uptick effectively offset the negative flows seen in
April. Feature image from DALLE, chart from TradingView
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