On Monday, April 8, the price of Bitcoin exceeded $72,000, having increased in price by 3.5% over the past 24 hours.
Ether posted a 6.8% increase but failed to surpass its high of over $4,000.
Bitcoin halving will not only reduce the reward of miners for a mined block of Bitcoin to 3,125 BTC, but can also sharply increase the demand for the first cryptocurrency, believe QCP Capital. Other factors driving growth included increased inflows into spot ETFs and reports that Citadel, Goldman Sachs, UBS and Citi have joined BlackRock's exchange-traded fund. They will act as broker-dealers authorized to create and redeem shares of the ETF.
The influx of funds into spot exchange-traded funds on April 4-5 amounted to just over $400 million. On April 8, the funds had 840,000 bitcoins worth $56 billion on their balance sheets, which is about 4% of the total number of BTC in circulation. The inflow of funds into ETFs since the beginning of 2024 has amounted to $13.8 billion.
The vast majority of investments were made in Bitcoin and the US market, but investors are showing interest in products based on Ethereum, Litecoin, Solana and Filecoin, QCP Capital says.
Earlier, Sentiment analysts presented a brief report on the situation with the spot Bitcoin ETF market. According to the conclusions of experts, investors will invest in shares of exchange-traded funds until the Bitcoin halving.
Source: Bits
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