📊｜BTC returns to over 60,000, analyzing the rise of Bitcoin

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The net inflow of Bitcoin spot ETF yesterday reached 263 million US dollars, setting a recent high, which reflects that investors' interest and confidence in Bitcoin are gradually increasing.

🔥 The reasons for the recent rise in BTC are summarized as follows:

Institutional capital inflow: The net asset ratio of ETF is as high as 4.59%, which means that more and more traditional financial institutions are incorporating Bitcoin into their investment portfolios. The continuous influx of institutional funds is the main driving force for the rise in Bitcoin prices. Fidelity ETF FBTC performs well: Fidelity ETF FBTC had a net inflow of 102 million US dollars yesterday, demonstrating investors' love for it. As a veteran financial giant, Fidelity's participation has an important leading significance for the Bitcoin market and further strengthened investors' confidence. Grayscale GBTC outflow slows down: Although GBTC has a large historical net outflow, there was a net inflow of $6.6639 million yesterday, indicating that the outflow rate is slowing down and even reversing. This may be related to the expectation that GBTC seeks to transform into a spot ETF, which will attract more capital inflows once the conversion is successful. Increased institutional interest: The listing of cryptocurrency exchanges such as Coinbase has attracted the attention of institutional investors and driven up the price of Bitcoin. European and American central banks are expected to cut interest rates: The European Central Bank (ECB) cut interest rates as expected, and the latest economic data in the United States reinforced the expectation that the Federal Reserve will cut interest rates next week. Together, these factors provide support for Bitcoin.

In addition, Bitcoin has shown a significant upward trend throughout 2023, rising from $16,530 at the beginning of the year to $42,258 at the end of the year. This upward trend in Bitcoin prices is similar to the stock market trend from November 2021 to June 2022, indicating that current market investors may regard Bitcoin as an investment product similar to stocks.

🔻 Summary:

The excellent performance of Bitcoin spot ETF is the core reason for the rise in Bitcoin prices. The continued inflow of institutional funds, the strong momentum of Fidelity ETF, and the improvement of Grayscale GBTC inflows all show that investors are full of confidence in the long-term value of Bitcoin.

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