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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

The Bitcoin Rally Is Far From Over: 2 Key Factors Behind The Momentum

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin price analysis

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Bitcoin has been the buzz of the town lately as it continues to push past key price levels, leaving many to wonder how high it can go. Current technicals and fundamentals indicate that the latest rally has solid foundations, and there are good reasons to think there’s more upside ahead for the leading cryptocurrency.

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1 year ago

The latest rally has been fueled by different on-chain sentiments ranging from whale accumulation to the increase in Bitcoin whales. Two of the most important market factors fueling this rally are spot Bitcoin exchange-traded funds (ETFs) and the increase in CME margins, according to analysts at QCP Capital, a crypto asset trading firm.

bitcoin btc btcusdt
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview

Strong Inflows Into Spot Bitcoin ETFs Driving Demand

Most of Bitcoin’s price action since October 2023 has been centered around spot Bitcoin ETFs, giving investors an easy way to gain exposure to the leading cryptocurrency. Notably, the price of BTC has doubled since BlackRock’s first filing for a spot Bitcoin ETF.

The first day of trading for these ETFs broke trading volume records, with $4.6 billion worth of shares being traded. Analysts at QCP Capital noted that the inflows started to flip positive towards the end of January after a week of major outflows from Grayscale’s Bitcoin Trust GBTC. Things seem to have settled, and the total inflows into these have now even eclipsed the once-dominant ProShares BTC futures ETF.

bitcoin btc btcusdt
Source: QCP Capital

Analysts at the trading firm also noted the current increase in CME margin requirement as a signal of continued BTC price growth. Notably, the increase in this CME margin across various exchanges resulted in widespread short covering Lunar New Year weekend.

Consequently, the spot price for BTC and forward spreads surged. Spreads are now around 11-12%, indicating a strong bullish sentiment as traders are willing to pay higher premiums.

Another market factor contributing to the surge was the sell-and-buy-the-dip that played out after the latest consumer price index (CPI) report came out higher than expected. Headline CPI was 3.1% actual compared to 2.9% expected, and Core CPI was 3.9% actual compared to 3.7% expected, leading to a minor sell-off of risky assets, which was short-lived.

Bullish BTC Momentum Set To Continue

The rally in Bitcoin is showing no signs of slowing down, and investors are starting to accumulate with a Fear Of Missing Out. Recent on-chain data shows that Bitcoin whales have purchased over 100,000 BTC worth $5 billion in the past five days. The number of whales holding more than 1,000 BTC now stands at 2,121, an increase of 74 new wallets in February.

Related Reading

Bitcoin news

Bitcoin To Receive Monumental $150 Billion Inflow: Expert Reveals

1 year ago

In a recent CNBC interview, Ric Edelman, founder of the Digital Assets Council of Financial Professionals, predicted this inflow into spot Bitcoin ETFs would continue over the next two years and reach $150 billion by the end of 2025. Interest in Bitcoin will increase as more institutional investors get on board, cementing Bitcoin as an asset class amongst traditional investors.

Cover image from Dall-E, chart from Tradingview

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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