Bitcoin BTC
+4.10%
The price of the world’s largest digital asset briefly surpassed $1 trillion in fully diluted value on Friday as it topped $47,000 for the first time since March 2022.
According to The Block’s price page, the price of Bitcoin rose 4.5% to $47,035 at 10:14 a.m. ET, bringing its total market capitalization to $931.5 billion. The fully diluted valuation, which measures the value of every Bitcoin ever mined, was $996.9 billion.
Bitcoin price is up more than 5% in the last 24 hours. Image: Block.
Currently, the global cryptocurrency market capitalization reaches $1.87 trillion. 4.7% In the last 24 hours. Bitcoin’s dominance is 49.7%, while Ethereum accounts for 16.1% of the total cryptocurrency market.
Changing Spot ETF Flow Dynamics
Geoff Kendrick, head of cryptocurrency research at Standard Chartered, told The Block that the recent Bitcoin rally is “due to changing flow dynamics in new US ETFs.” He uses charts to show that cumulative flows into new ETFs are decreasing for GBTC while other funds, such as BlackRock’s iShares Bitcoin Trust, are increasing.
“GBTC sales appear to have slowed to an average of $59 million per day this week, while inflows into other ETFs continue to be strong, averaging $244 million per day this week. These changes are enough to push Bitcoin higher. .” Kendrick added.
Analysts at Standard Chartered forecast net inflows of $50 billion to $100 billion into cash ETF funds this year.
He added, “GBTC outflows will stop completely at some point and other inflows will continue, resulting in a Bitcoin price of $100,000 by the end of 2024 and $200,000 by the end of 2025.”
US-based spot Bitcoin ETF flow dynamics have changed. Image: Standard Chartered
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