From the end of 2024 to the beginning of 2025, the market may usher in a strong bull market, and Bitcoin is expected to break through $80,000. However, many investors are still waiting for a pullback opportunity.

As the Federal Reserve announced a rate cut, the US spot Bitcoin ETF market expanded rapidly, and institutional investors increased their investment, causing Bitcoin demand to soar. In just one day, the ETF market attracted $495 million in inflows, and the total inflow this week exceeded $1 billion. BlackRock continued to increase its holdings of its own Bitcoin ETF (IBIT), injecting greater confidence into the Bitcoin market.

At present, the demand for spot Bitcoin ETFs continues to rise, and regulated ETF products bought more than 17,000 Bitcoins this week. ARK Invest's ARKB leads the capital inflow list, followed by Fidelity's FBTC and BlackRock's IBIT. The three companies bought a total of 6,661 Bitcoins.

The daily output of Bitcoin is only 450, far below market demand. This week, MicroStrategy also bought 7,000 Bitcoins, further exacerbating the tight supply in the market. BlackRock's holdings have increased significantly, with its Global Allocation Fund's IBIT holdings increasing from 43,000 shares in June to 198,874 shares at the end of July.

Since its launch, BlackRock's BTC ETF has attracted $21.3 billion in inflows in just nine months. Bitcoin prices have also risen accordingly, currently reaching a high of $66,498, and market parties are preparing for a big bull run in the fourth quarter of 2024. $BTC