Bitcoin

when

Spot

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) hit price discovery again before the March 13 Wall Street open as bulls beat out sell-side liquidity.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/1b0552f3-57dc-4808-afe6-bf4e960b8953.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="btc-price-roars-back-after-snap-wick-to-69-000">BTC price roars back after snap wick to $69,000</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> captured new all-time highs of $73,679 on Bitstamp.
BTC price strength had taken a breather the day prior, consolidating around the $72,000 mark and even <a href="https://cointelegraph.com/news/bitcoin-drops-4-3-k-cpi-data-comes-hotter-than-expected">seeing a snap $4,000 dip</a> before abruptly heading higher.
In so doing, the market set up a repeat performance from the start of the week, where resistance kept upside moves in check — at least for a while.
On the day, it was $73,800 fulfilling that role, per data from monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">CoinGlass</a>.
Beyond that, little friction stood in the way of price discovery toward $80,000, evidenced by a lack of liquidation levels.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/ef3825bf-8c2e-4e0c-befe-e44a8880d27b.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
 </figcaption>
</figure>
“Bitcoin wiped out overleveraged longs, retested the 2021 cycle high &amp; then bounced back to $72,000,” popular trader Jelle <a href="https://twitter.com/CryptoJelleNL/status/1767760951133065338" target="_blank" rel="noopener nofollow">summarized</a> on X, adding that the landscape was now “looking good” for upside continuation.
<h2 data-ct-non-breakable="true" id="spot-bitcoin-etfs-set-record-daily-inflows">Spot Bitcoin ETFs set record daily inflows</h2>
Financial commentator Tedtalksmacro noted the increasing wave of institutional money inflows.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-up-1-800-after-2020-covid-19-btc-price-crash">Bitcoin is up 1,800% 4 years after the 2020 COVID-19 BTC price crash</a>
These now dwarfed anything seen previously, even accounting for the United States’ new spot Bitcoin exchange-traded funds (ETFs).
“Fund inflows like we have never seen before. It makes 2020 look small... price will continue to catch up over the coming months,” he told X followers. 
<blockquote data-ct-non-breakable="true">
 “The steady grind to 100k is underway. Historically, when these flows peak, theres 2-3 months to GTFO of the market.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/96b582e4-f53e-466a-8067-ff21741ce37d.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin fund inflows. Source: <a href="https://twitter.com/tedtalksmacro/status/1767783948082684217" target="_blank" rel="noopener nofollow">Tedtalksmacro on X</a>
 </figcaption>
</figure>
The ETFs themselves fetched a <a href="https://cointelegraph.com/news/bitcoin-etfs-record-1-b-daily-inflow">record $1 billion of net inflows</a> on March 12, final data confirms, with BlackRock’s product, the iShares Bitcoin Trust, enjoying the lion’s share.
“A record 14,706 BTC inflow on 12 March 2024<a href="https://twitter.com/BitMEXResearch/status/1767808132879692138/photo/1" target="_blank" rel="noopener nofollow"></a>,” BitMEX Research noted while uploading the numbers to X.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/cc7cc1e9-9672-44f3-90c1-28ca3a6dfc05.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin spot ETF cumulative inflows. Source: <a href="https://twitter.com/BitMEXResearch/status/1767809000597336255" target="_blank" rel="noopener nofollow">BitMEX Research on X</a>
 </figcaption>
</figure>
That amount alone represents a considerable portion of the newly-mined supply in 2024, totaling approximately 65,500 BTC.
The two largest ETFs from BlackRock and Fidelity Investments held in excess of 330,000 BTC as of March 13 — five times what miners added.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price nails new $73.6K all-time high as ETFs eat away at supply

Table of Contents

Cointelegraph

Other articles published on Mar 13, 2024

Expert Cautions as Bitcoin ETF Investments Soar

Expanding Horizons: Bitcoin ETF Appetite Outstrips Supply Projections

Boost your Returns with Crypto Bull Market: Investing in Solana (SOL), Dogecoin (DOGE), and Furre...

FBI Warns of Growing Crypto Scams in Investment

Crypto Exchange OKX Granted In-Principle Approval To Offer Services In Singapore

Block Production Stopped on Blast Network During Ethereum (ETH) Dencun Upgrade! First Statement A...

Join our free newsletter for daily crypto updates!