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Bitcoin ETFs Crucial To Sustain Current Buying Pressure – Details Newsbtc 02 11月 2024

Bitcoin ETFs Crucial To Sustain Current Buying Pressure – Details 📈

The price of Bitcoin has seen substantial growth in the last month, rising by 14.74%, nearly reaching a new all-time high at $73,149. This surge highlights the necessity for certain conditions to sustain such price gains.

According to CryptoQuant CEO Ki Young Ju, current stablecoin liquidity is insufficient to maintain Bitcoin's buying pressure. Traders often use stablecoins to purchase volatile assets like Bitcoin due to their fixed dollar value. With exchanges holding a small portion of total stablecoin shares, liquidity remains constrained.

The Bitcoin-to-stablecoin reserve ratio stands at 6.05, mirroring levels during the last ATH. Ki Young Ju emphasizes the role of Spot Bitcoin ETFs and Coinbase USD reserves in providing needed market liquidity. A notable surge in ETF inflows, specifically from BlackRock's IBIT, underscores their impact on Bitcoin's market performance.

Currently, Bitcoin prices are slightly down, yet the trading volume shows a significant increase. Despite this, continued ETF momentum and political outcomes, like potential shifts from the US elections if pro-crypto Donald Trump wins, could drive Bitcoin to new highs by 2024.

来源: www.newsbtc.com ↗

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