Bitcoin rose above $59,000 today and experienced its biggest monthly rally since December 2020. While the largest cryptocurrency exceeded $ 59 thousand 200, the price of Ether rose above $ 3300.
What’s behind it?
In fact, as everyone knows, the interest in US ETFs is behind these increases. ETFs, which received a net investment of $6.7 billion as of February 27, have been the locomotive of the rally in Bitcoin since January 11…
BlackRock broke a record yesterday
The company BlackRock, the largest player in ETFs, has seen total net demand of $6.5 billion so far. The inflow into the company’s ETFs broke a record yesterday. There was a net demand of $520 million for the BlackRock ETF yesterday. In this sense, BlackRock ETF quadrupled the second largest ETF, Fidelity, yesterday. Fidelity received a net investment of $126 million yesterday.
halving is approaching
On the other hand, the halving, which is expected to take place in mid-April, seems to have a significant impact on the Bitcoin price. Although historical data points to some declines before the reward halving, it is known how high the rises are afterward.
Fed expectations and MicroStrategy purchases
We should not forget MicroStrategy’s Bitcoin purchases. The US-based company continues to persistently purchase Bitcoin. MicroStrategy, which purchased 3 thousand more BTC the previous day, increased its total Bitcoin assets to 193 thousand BTC. Along with ETFs, MicroStrategy’s purchases also greatly increase demand versus supply.
Finally, the fact that it is certain that the US Central Bank, the Fed, will start reducing interest rates in the coming period also increases the possibility of new increases in risky assets such as Bitcoin.
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Source: https://uzmancoin.com/bitcoin-fiyat-kripto-etf-rekor/
