As the Bitcoin spot ETF continues to attract capital inflows, the price of Bitcoin has been boosted. At the same time, the Bitcoin halving event is still two months away. Bitcoin price fell below $51,000 last night but quickly recovered to $51,369 and is still trading between $50,000 and $52,000.
Glassnode: More than 95% of BTC are in profit
Glassnode data shows that in the current rising market, the profitability ratio has climbed sharply from about 75% to 95%, reflecting the strength of Bitcoin prices Performance. Since the market low of $18,000, the profitability ratio has increased by 50% to 45%.
BTC Profit Ratio
According to INTOTHEBLOCK data, the BTC balance of whale Bitcoin holders has been growing since the beginning of this year. INTOTHEBLOCK predicts this trend will continue as Bitcoin spot ETFs make it easier for institutions to gain exposure to Bitcoin.
The whale’s Bitcoin balance continues to increase
Analyst: Continued depreciation of the US dollar can push up BTC
Cryptocurrency analyst Marcel Pechman A recent article pointed out that according to market data, investors expect the future earnings growth of S&P 500 companies to reach 10.9%, significantly higher than the 3.8% in 2023. This suggests that investors may be less interested in finding alternative assets such as Bitcoin in the current economic environment.
Pechman analysis shows that for Bitcoin to rise from the current US$52,000 to a record high of US$70,000, it needs to rise an additional 34.5%, which means that its market value will increase by approximately US$350 billion. Still, as long as the dollar continues to depreciate, Bitcoin rising above $70,000 is still possible.
However, Pechman mentioned that this significant price increase is unlikely to occur before the Bitcoin block reward halving in April. Halvings typically have a significant impact on Bitcoin prices, but until then, the market may not see large price movements.
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