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Home»ADOPTION NEWS»Bitcoin rises above $50,000 amid slowing sales of Grayscale’s GBTC fund
ADOPTION NEWS

Bitcoin rises above $50,000 amid slowing sales of Grayscale’s GBTC fund

By Crypto FlexsFebruary 13, 20243 Mins Read
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Bitcoin rises above ,000 amid slowing sales of Grayscale’s GBTC fund
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Market • February 12, 2024 12:20 PM EST

Posted 1 minute ago In ~

Bitcoin BTC

+3.87%
Prices topped $50,000 on Monday amid continuing signs that the sell-off in Grayscale Investments’ cash funds may be nearing its end.

“Bitcoin is now poised to hit new all-time highs this year,” Bitfinex analysts said in the report. “This upward trend coincides with a period of declining GBTC outflows and an overall increase in inflows into digital asset funds.” revealed.

“Excluding Grayscale’s GBTC, the newly launched Bitcoin ETFs now hold over 192,000 BTC, surpassing MicroStrategy’s 190,000 BTC and exceeding $1 billion in inflows in less than a month.” added.

Bitcoin prices rose to their highest level since December 2021 on Monday. It was trading at $50,260 at 12:38 PM ET, up 4.1% over the last 24 hours.

an optimistic outlook

Bitfinex analysts said the long-term Bitcoin holdings dynamics suggest a bullish outlook for the market.

“These inflows, combined with the impending Bitcoin halving in 2024 and continued illiquid supply levels, with over 70% of Bitcoin in the hands of long-term holders, paint a very optimistic picture for BTC price action. “They said.

They noted that the “news sell” price drop expected by some after several spot Bitcoin ETFs were approved in January was less severe than expected.

“BTC has not reached its expected lows. Realized price indicators across a diverse group of investors indicate that we are still in the early stages of a bull market. These indicators suggest that the price will trend upward on a long-term trajectory this year. ,” Bitfinex analysts added.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Brian McGleenon is a UK markets reporter for The Block. He has worked as a financial journalist and producer for several news outlets such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard and The Daily Express over the years. Brian is also a screenwriter and producer with one feature film and one in development at Northern Ireland Screen. In addition to web3 and cryptocurrency development, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity studies. Contact us via email (email protected).
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