BTC Touches $50k, ETF Inflows Accelerate

Feb 12, 2024
Market Update Monday morning picked up right where yesterday left off, with $BTC surging toward $50k, momentarily touching the key level across several exchanges. The rally appears to be driven by spot market demand, as evidenced by a significant spike in spot volume while funding rates remain muted (see chart below). A substantial portion of this volume is likely entering the market via spot ETFs chasing the positive weekend price action. Concurrently, $ETH is making strides toward recouping the $2600 level, and Bitcoin's Layer 2 solution, $STX, is experiencing a massive rally alongside BTC. The rally is broadening out, with ETH Layer 2 projects like $ARB, $OP, and $IMX witnessing over a 5% increase. This surge occurs despite rising rates, the DXY moving higher, and gold declining in response to an increase in real rates. Equity indexes continue to rally, posting gains across all sectors thus far today. This is a crucial macro week, with a CPI release tomorrow and PPI and Consumer Sentiment on Friday. Additionally, Coinbase is slated to report earnings this week, marking its first earnings announcement post-ETF launch.Source: VeloThe robust price action observed at the US market open underscores the mounting demand for spot BTC ETFs. Net aggregate ETF flows continue to accelera

Unlock this page with a FREE 30-Day Trial!

*Free trial available only on a monthly plan

Reports you may have missed

CRYPTO MARKET UPDATE CRYPTO ASSETS ARE BROADLY MOVING HIGHER AGAIN AFTER SOME POST-ETF APPROVAL CONSOLIDATION. BTC 0.80% is back above $68K, while ETH 0.16% is hovering around the $3.7K level. SOL 3.21% is underperforming today, possibly as a side effect of the last of the FTX auction taking place yesterday. Pantera and Figure led the $2.6 billion auction, purchasing the locked tokens at $102 per SOL 3.21% . We often find that the market can...

CRYPTO MARKET UPDATEBTC 0.80% IS BACK IN THE GREEN TODAY, RECLAIMING $70K FOLLOWING YESTERDAY'S DIP. ETF flows appear to be returning in full force, with another strong day of inflows, capping the largest 5-day period for inflows since mid-March. ETH 0.16% is down slightly on the day, consolidating around $3750 as investors await word from the SEC on ETF approval. ETH CME futures saw outsized volume yesterday as institutional investors showed interest...

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 1/1

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 1 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In