2024

Rally

Bitcoin

Daily

<p>Bitcoin (BTC), the world’s largest cryptocurrency, maintains its market strength, firmly holding above the $72,000 mark. Investor sentiment remains robust as the Bitcoin price continues its ascent to new highs.</p> 
<h3 id="bitcoin-daily-inflows-highest-since-2021">Bitcoin Daily Inflows Highest Since 2021</h3> 
<p>According to Bitcoin analyst Willy Woo, daily capital inflows stored by the Bitcoin network have reached $2 billion per day, a level comparable to the last significant bull market. Woo predicts that this time, the inflows are likely to increase even further. He attributes the notable increase in inflows to the opening up of spot ETFs, which has significantly boosted the influx of capital into the Bitcoin network.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Daily inflows of capital being stored by the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> network just hit $2b per day, that's the level we hit in the last full blown bull regime. This time it should climb much higher.</p> 
 <p>Spot ETFs are opening up the inflow pipes markedly. <a href="https://t.co/tKmzbd3SEJ">pic.twitter.com/tKmzbd3SEJ</a></p> 
 <p>— Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1767696568143245451?ref_src=twsrc%5Etfw">March 12, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>On-chain data also shows that small <a href="https://coingape.com/bitcoin-news-whales-with-over-1000-btc-cash-out-profits-a-correction-ahead/" target="_blank" rel="noopener">Bitcoin wallets</a> have been accumulating while whales have been selling their supplies. According to on-chain data provider Santiment, in the last two weeks as Bitcoin has consistently reached new all-time highs, the number of small wallets holding less than 0.1 BTC has continued to rise, increasing by 277,000. Conversely, wallets holding 1,000 BTC or more have decreased, with 105 fewer wallets recorded during the same period.</p> 
<figure id="attachment_185545" aria-describedby="caption-attachment-185545" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-185545" src="https://coingape.com/wp-content/uploads/2024/03/Bitcoin-wallets.jpeg" alt="" width="2565" height="1720" srcset="https://coingape.com/wp-content/uploads/2024/03/Bitcoin-wallets.jpeg 2565w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-wallets-300x201.jpeg 300w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-wallets-1224x821.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-wallets-768x515.jpeg 768w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-wallets-1536x1030.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-wallets-2048x1373.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-wallets-150x101.jpeg 150w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-wallets-272x182.jpeg 272w" sizes="(max-width: 2565px) 100vw, 2565px">
 <figcaption id="caption-attachment-185545" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1767699428583047477" target="_blank">Santiment</a>
 </figcaption>
</figure> 
<h3 id="btc-price-rally-to-83-000-likely">BTC Price Rally to $83,000 Likely</h3> 
<p>Renowned crypto analyst Ali Martinez sheds light on a significant development in the cryptocurrency market, as approximately $83 billion flows into various digital assets. Notably, a substantial portion of this influx, totaling $75 billion, is directed toward the two leading cryptocurrencies, Bitcoin and Ethereum.</p> 
<p>Martinez’s analysis, based on the Bitcoin MVRV Pricing Bands, suggests a pivotal price target for Bitcoin at $83,035. This observation underscores the growing momentum and investor interest in Bitcoin, with the cryptocurrency poised to reach significant milestones in its valuation.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">According to the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> MVRV Pricing Bands, the next key price target for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> is $83.035! <a href="https://t.co/Qc8QA62LmZ">pic.twitter.com/Qc8QA62LmZ</a></p> 
 <p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1767568761396011386?ref_src=twsrc%5Etfw">March 12, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The influx of funds into Bitcoin and Ethereum reflects a broader trend of institutional and retail investors seeking exposure to the cryptocurrency market.</p> 
<p>On the other hand, U.S. equities also showed strength despite the <a href="https://coingape.com/us-cpi-comes-in-hotter-3-2-bitcoin-price/" target="_blank" rel="noopener">inflation numbers</a> for February coming to be hotter than expected. Director of Global Macro at Fidelity, Jurrien Timmer, highlights a significant trend in the financial landscape, emphasizing the resurgence of liquidity regardless of the Federal Reserve’s stance.</p> 
<p>Timmer notes that overall liquidity, as indicated by the Federal Reserve’s balance sheet minus reverse repos (RRP) and the Treasury’s cash balance at the Fed (TGA), has been steadily increasing since mid-2023. This uptrend in liquidity has coincided with a rise in stock prices. Moreover, with liquidity staying strong, any major correction in the Bitcoin price or crypto looks like a distant possibility.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Fed pivot or not, liquidity is on the rise again. Overall liquidity, as defined by the Fed’s balance sheet, less reverse repos (RRP) less the Treasury’s cash balance at the Fed (TGA), has been rising since mid-2023, taking stocks with it. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/h50R2N8WgX">pic.twitter.com/h50R2N8WgX</a></p> 
 <p>— Jurrien Timmer (@TimmerFidelity) <a href="https://twitter.com/TimmerFidelity/status/1767572643505476058?ref_src=twsrc%5Etfw">March 12, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The post <a href="https://coingape.com/bitcoin-btc-daily-inflows-at-two-year-high-btc-price-surge-to-83000-likely/">Bitcoin Daily Inflows Surge to Two-Year High, BTC Price Surge to $83,000 Likely</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin Daily Inflows Surge to Two-Year High, BTC Price Surge to $83,000 Likely

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