Bitcoin doesn't want to stop. Early this morning, the OG crypto broke $47,000 again as ETF inflows showed Thursday emerging as a landmark day for spot ETFs, marking a significant milestone since their launch.
The price climb followed on the heels of a notable 9,260 BTC increase for spot ETFs in their net bitcoin holdings yesterday—equal to over $400 million in inflows, the highest since Jan. 17th. Bloomberg ETF’s James Seyffart notes this marks the 3rd biggest day for inflows so far.
⚠️BREAKING:
— Investing.com (@Investingcom) February 9, 2024
*BITCOIN TOPS $47,000 WITH ETFS STARTING TO SHOW STEADY INFLOWS#BTC #BITCOIN pic.twitter.com/Ug9Mzop2sy
With BTC up nearly 10% on the week, market analysts remain bullish, with some pointing to the orange coin regaining its critical 50-day moving average as a precursor to more potential upside.
Furthermore, 10X Research’s Markus Thielen predicts Bitcoin will see $48,000 soon, supported by the historic gains typical around Chinese New Year. By March, he anticipates BTC will reach $52,000. Additionally, if Bitcoin continues to run we may see the market rotating into altcoins for more upside exposure. (RWA investments are already shrinking in search of this.)
Overall, spring may be coming early to the market, which checks out as the groundhog did see its shadow this year. Only time will tell. In the meantime, it may be best for us to all wear red tomorrow (Happy New Year to our Chinese readers!) to ensure this year is as auspicious as it can be.