bitcoin once again exceeds $44,000 for the first time since bitcoin-etfs-approved-by-us-sec/” rel=”nofollow”>bitcoin Spot ETFs Approved for Trading in January. This price increase is believed to be due to several factors that have worked in favor of the bulls in recent times.
btc whales accumulate more bitcoin
Citing data from Glassnode, crypto analyst Ali Martínez revealed Recently, bitcoin whales have been accumulating more btc, with around 73 new addresses now holding 1,000 btc or more. This figure is said to mark an increase of 3.66% in the last two weeks, thus continuing the accumulation trend.
NewsBTC had previously reported how bitcoin whales had started buying after bitcoin fell below $40,000. The flagship crypto token is believed to have fallen to that level due to the significant selling pressure from Grayscalethe issuer of the GBTC Spot bitcoin ETF.
However, the asset manager has recently cooled off on its btc liquidations as outflows from the fund continue to decline. This is another factor that could have contributed to bitcoin's recent price surge. Data from on-chain analytics platform Arkham Intelligence shows other whales like it FTX and Alameda Research They have also relaxed the download of their crypto tokens.
Spot bitcoin ETFs by doing your bit
Has been increase in institutional demand for bitcoin thanks to the Spot bitcoin ETFs. This is evident in the success these funds have achieved since their launch. As a result, the issuers of these funds, such as the bitcoin-spot-etf/” rel=”nofollow”>BlackRock, the world's largest asset managerThey have had to accumulate a significant amount of bitcoin.
Recently, these asset managers were reported own more than 657,000 btc, representing more than 3% of the circulating supply of bitcoin. The newly included bitcoin-fall-30-top-2-altcoins/” rel=”nofollow”>bitcoin Spot ETF (excluding Grayscale) alone have around 187,000 btc. Interestingly, these funds are on their way to outperforming MicroStrategywho has a btc holding of 190,000.
Meanwhile, spot bitcoin ETFs bitcoin-etf-launch-in-hong-kong-in-the-first-quarter/” rel=”nofollow”>could be released soon in Hong Kong and 10 applications have already been submitted to the country's financial regulators. This is another narrative that could be driving the current bitcoin price rise. seeing the impact that the approval rumors in the US had on the price of bitcoin at the end of last year.
Hong Kong is not the only country in Asia showing enthusiasm for cryptocurrencies like Thailand did crypto-becomes-vat-free-are-the-details/” rel=”nofollow”>recently reported have eliminated VAT (Value Added Tax) on cryptocurrency trading.
At the time of writing, bitcoin was trading at around $44,800, up more than 4.4% in the last 24 hours, according to data from CoinMarketCap.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-price-jumps-above-44000-these-are-the-factors-driving" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″ loading=”lazy”/>
btc recovers to $44,800 | Source: BTCUSD on Tradingview.com
Featured image from Medium, chart from Tradingview.com
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