Bitcoin Price Shows Strength Amid Optimism Around FOMC Meeting
The Bitcoin price is once again showing strength, reaching $43,500 levels. This revival comes as investors anticipate the upcoming FOMC meeting. Interestingly, outflows from the Grayscale Bitcoin Trust (GBTC) have slowed down, while inflows into Bitcoin ETFs remain steady.
GBTC Outflows Decrease to Under $200 Million A Day
The GBTC recorded its 12th consecutive day of outflows, but the data shows signs of a slowdown. Outflows have decreased to $191.7 million as of January 29, 2024. Grayscale currently holds 496,573.8166 Bitcoins with around $21.431 billion in Assets Under Management (AUM).
Grayscale’s GBTC Maintains Liquidity Crown
Grayscale’s GBTC continues to lead in liquidity, with trading reaching $570 million. It surpasses second-place IBIT by approximately $110 million in daily trading volume.
This decrease in outflows suggests reduced selling pressure on Bitcoin. The recent outflows from GBTC indicate a nearly 25% decline from January 26 and a significant 70% drop from the fund’s highest daily outflows on January 22.
Fidelity’s FBTC Surpasses GBTC Outflows
Fidelity’s spot Bitcoin ETF, FBTC, recorded $208 million in daily inflows on January 29, surpassing outflows from GBTC for the first time since their launch day. This shift in investor sentiment highlights the growing interest in Bitcoin ETFs.
Predictions for BTC Price and Market Capitalization
Cryptocurrency analyst Michael van de Poppe suggests that Bitcoin is consolidating around $43K and may have another run to $48-50K before the halving. However, he believes that altcoins are likely to outperform Bitcoin. Van de Poppe predicts a total market capitalization of $2 trillion for the cryptocurrency market in the next 2-3 months.
Hot Take: Bitcoin Price Reaches $43,500 Amid Optimism and GBTC Outflow Slowdown
The Bitcoin price has shown strength, reaching $43,500 levels, as investors anticipate the FOMC meeting. The GBTC outflows have slowed down, indicating reduced selling pressure on Bitcoin. On the other hand, Fidelity’s spot Bitcoin ETF, FBTC, surpassed GBTC outflows with significant daily inflows. Cryptocurrency analyst Michael van de Poppe predicts further growth for Bitcoin and altcoins, highlighting the impact of ETF approval. Overall, the cryptocurrency market is expected to continue its upward trend with a potential market capitalization of $2 trillion in the coming months.
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