Journalist
Posted:
- Bitcoin’s rally, fueled by ETF enthusiasm, gave hope to bullish investors.
- Global interest grew as South Korea considered approving Bitcoin ETFs.
Bitcoin’s Substantial Rally [BTC] The price, fueled by the enthusiasm around ETFs, has brought joy to bullish investors.
While some skeptics believe ETF liquidity will soon run out, data suggests there could be more in store for the king coin.
Growing interest
In the short period since launch, ETFs have absorbed 0.5% of the total Bitcoin supply, equivalent to 100,000 BTC, worth $5.2 billion.
More than half of these absorptions occurred in the past week, indicating rapid inflows of Bitcoin into ETFs.
The fact that such a substantial amount was raised suggested that enthusiasm for Bitcoin ETFs remained high. This continued interest belied any idea of a decline in their appeal.
Source: Dune Analytics
BTC goes global
Global interest in ETFs also increased. Notably, South Korea’s ruling party has considered including a US-approved Bitcoin spot ETF as part of its election pledge.
Moreover, discussions were underway within the party to possibly relax the ban on institutional investments in Initial Exchange Offers (IEOs).
If more countries follow suit and adopt Bitcoin ETFs, this could result in greater liquidity as a wider range of investors gain exposure to the cryptocurrency market through regulated and accessible instruments.
This additional liquidity could play a crucial role in supporting Bitcoin’s recent rally by providing a more robust and stable market environment.
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State of BTC
At the time of writing, BTC was trading at $52,143.02 and the price was up 0.73% over the past 24 hours. The long/short difference between Bitcoin also grew significantly during this period.
An increasing Long/Short difference indicated that old addresses holding BTC were outnumbering the new addresses at the time of writing. These addresses are less likely to sell their holdings and could help support BTC’s price level.
Source: Santiment