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BTC whales have been on a buying spree with MicroStrategy adding 3,000 Bitcoins to its kitty on Monday. Bitcoin ETF trading volumes hit all-time high.
An analyst from Grayscale argued that the crypto market is anticipating Ethereum’s transaction throughput and cost reduction through the Dencun upgrade more, making it more competitive with other layer-1 blockchains.
Matrixport bases its Bitcoin price rally anticipation on four important factors such as Bitcoin halving, ETF inflows, US elections, and Fed policy decisions with interest rate cuts.
Amid the broader cryptocurrency market rally, Ethereum’s ascent past $3,000 serves as a testament to Etherum’s enduring relevance and potential for innovation.
In addition to ETF anticipation, the crypto community eagerly awaits Ethereum’s Dencun upgrade that is scheduled for March 13.
The rising inflows coincide with an increase in the price of Bitcoin, which has surged nearly 25% year-to-date.
MicroStrategy’s remarkable performance this year positions it close to qualifying for inclusion in the S&P 500 Index.
Bitcoin crossed $52,000 and seems ready for more increase as spot ETFs receive more large inflows, with BlackRock and Fidelity leading.
Citi highlighted that it will continue to develop digital assets solutions in a bid to enhance its products in a regulated manner.
Genesis now has legal approval to sell $1.6 billion in Grayscale shares, including GBTC and ETHE, even though DCG disagrees.
Multiple crypto stocks jumped in premarket following Bitcoin’s continuous rise past the $51,000 mark as ETFs receive large inflows.
Optimism about Bitcoin price prospects is palpable among industry figures. Arthur Hayes has predicted a BTC climb to $70,000 by year-end, emphasizing his bullish stance on Bitcoin’s prospects.
Bitcoin price has gradually reduced the chances of market correction towards the support range between $32k and $38k before the upcoming halving.
Grayscale noted that strong inflows into spot Bitcoin ETFs would significantly absorb the selling pressure coming from BTC miners after the halving 2024.
In parallel, Ethereum (ETH) has experienced a 3% surge, reaching a two-week high following amendments to spot ETH ETF filings by asset managers Ark Invest and 21Shares.