Bitcoin

Grayscale Bitcoin Trust

Time

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) reached a new all-time high on March 14, as anticipation for further price increases continues to grow.</li>
 <li>MicroStrategy, the public company with the largest Bitcoin treasury, plans to acquire more than 1% of the total BTC supply.</li>
</ul>
<p>Bitcoin (BTC) hit a new record high on March 14, heightening expectations of further price increases. The BTC/USD 1-hour chart recorded a new peak of $73,794 on Bitstamp.</p>
<p>After a strong overnight recovery, Bitcoin wiped out any signs of the weakness seen before the previous Wall Street opening.</p>
<h2 id="bitcoin-s-resilience">Bitcoin’s Resilience</h2>
<p>Earlier this week, Bitcoin dipped again but successfully retested old All Time Highs as support, according to a popular trader and analyst.</p>
<p>The day’s excitement revolved around familiar supply trends, particularly the buy-side impact of the United States’ spot Bitcoin exchange-traded funds (ETFs). On March 13, these ETFs saw net inflows of $683.7 billion, according to data gathered by UK-based investment firm Farside.</p>
<h2 id="bitcoin-etfs-and-microstrategy-s-plans">Bitcoin ETFs and MicroStrategy’s Plans</h2>
<p>This significantly exceeded the day’s outflows from the Grayscale Bitcoin Trust (GBTC), firmly swinging supply squeeze momentum in favor of the bulls.</p>
<p>Willy Woo, a statistician and creator of a Bitcoin data resource, described the institutional products as “just getting started.” This sentiment was echoed by Cathie Wood, CEO of one ETF provider, ARK Invest.</p>
<p>MicroStrategy, the tech firm with the largest Bitcoin treasury among public companies, announced plans to accumulate more than 1% of the total BTC supply. Currently holding 205,000 BTC, MicroStrategy intends to spend $500 million on additional Bitcoin, pushing its total above the 210,000 BTC threshold.</p>
<p>Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, predicted an imminent significant move for BTC/USD. He stated that “Bitcoin’s getting ready for a big move,” and that “a billion a day keeps the dip away,” referring to recent ETF inflows.</p>
<p>Despite some doubts about whether BTC price action could maintain its current momentum, bullish calls remained strong. Edwards declared the “deep value” era for Bitcoin dip-buying as over, marking the beginning of an exciting new chapter.</p>

Predicting a ‘Significant Shift’ as Bitcoin Hits Unprecedented $73.8K Mark: Expert Analysis

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