Why has Bitcoin surged to $42,000? š
#Bitcoin recently broke through the $42,000 mark, marking a recovery from a spot Bitcoin ETF-related sell-off.
The climb from $39,545 on Jan. 26 to $41,973 reflected a 5% gain. Notably, Grayscale's GBTC spot #ETF experienced a slowdown in outflows, with $394.1 million on Jan. 25, the second-lowest since the ETF's debut on Jan. 11.
Bloomberg ETF analyst James Sayfart highlighted the compression of premiums and discounts for Bitcoin ETFs over the last 10 days, eliciting positive reactions.
Independent analyst Yakuza suggested Bitcoin set a trap for bears at $32,000, leading to short-position #liquidations exceeding $34.3 million on the day.
The market trend sparks optimism among investors, eyeing long-term benefits from spot Bitcoin ETF trading.
