Bitcoin Price Surpasses $50,000 Amid Signs of Grayscale Spot Fund Recovery
Bitcoin’s price broke through the $50,000 mark on Monday, signaling a potential end to the selloff in Grayscale Investments’ spot fund. Bitfinex analysts believe that this uptrend is accompanied by reduced outflows from GBTC and increased inflows into digital asset funds. Furthermore, newly launched bitcoin ETFs, excluding GBTC, now hold over 192,000 BTC, surpassing MicroStrategy’s holdings. These ETFs have seen inflows of more than $1 billion in less than a month.
On Monday, Bitcoin reached its highest price since December 2021, trading at $50,260. According to Bitfinex analysts, the long-term holder dynamics indicate a bullish outlook for the market. They highlight the upcoming 2024 bitcoin halving and the significant amount of illiquid supply held by long-term holders as factors contributing to a positive BTC price movement. Despite expectations of a “sell the news” decline after the approval of multiple spot bitcoin ETFs in January, BTC has remained resilient.
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