ThetotalBTCholdingsofU.S.spotBitcoinETFsarenearingthesignificantmilestoneof1millionBTC.ThisputstheseETFsonthevergeofsurpassingSatoshiNakamoto’s1.1millionBTCstash.DuetothisincreaseininstitutionalinfluxintoBTC,analystsareoptimisticonaBTCpricerallybeingimminent.
U.S.SpotBitcoinETFsNear1MBTCMark
AsofOctober23,2024,U.S.BitcoinETFsheld967,793BTC,rapidlyclosinginonthehistoricnumberof1millionBTC.ShaunEdmondson,OperationsManageratGavinEdmondsonSolicitorsLtd,highlightedthisfeatinapostonX.
Henoted,“YetanotherbigdayforBlackrock’sspot#BitcoinETF–nowalmostthrough400,000BTCundermanagement.”Moreover,hepointedtoa“liquidationheatmapshowingstrongpotentialupside”andencouragedpeopleto“getsome”Bitcoinwhiletheystillcan.
Bloomberg’sSeniorETFAnalyst,EricBalchunas,respondedtoEdmondson’spost,offeringmorecontextontheETFsurge.“Notyet10monthsoldandtheETFsare97%ofthewaytoholding1millionBTC,and87%ofthewaytopassingSatoshiasbiggest,”Balchunaswrote.HealsomentionedthathewoulddiscussthistrendattheupcomingPlanBconferenceinLugano.
Notyet10mooldandtheETFsare97%ofthewaytoholding1millionbtc,and87%ofthewaytopassingSatoshiasbiggest.I’llbepresentingonthisandmuchmoreatthePlanBconfinLuganotmrw(10am,mainstage).Ifyou’regoing,comesayhihttps://t.co/5NmhFANOpu
—EricBalchunas(@EricBalchunas)October24,2024
BTCPriceRallySoon?
TheincreasingdominanceofU.S.BitcoinETFscouldhavesignificantimplicationsforBTCprice.AsthesefundscontinuetoabsorbBitcoin,supplyconstraintsmightemerge,creatingupwardpressureontheprice.WithmarketparticipantscloselymonitoringETFholdingsandBitcoin’stotalsupply,analystsanticipateapotentialpricerallyasinstitutionaldemandgrows.
AsEdmondsonnoted,theliquidationheatmapsuggestsabullishoutlook.AccordingtoCoinglassdata,ifBTCpricereclaims$68,089.74,$40.79millionshortswillbeliquidated.ThisindeedwillleadtoariseinBitcoinpriceasshorttraderswouldbuybacktheirleveragedpositionstoavoidlosses.
Atpresstime,BTCpricegained2.41%to$67,640.31onThursday,October24.
cryptonewsz.com