Bitcoin (BTC), the world’s largest cryptocurrency has shown some volatility in the last two weeks slipping below $54,000 levels twice. However, it has bounced back strongly and is looking forward to breaking past its all-time high of $61,600. At press time, Bitcoin (BTC) is trading at $57,687 with a market cap of $1.076 trillion.
More importantly, despite the recent price volatility, the BTC valuations have never dipped under $1 trillion, and probably it might never as well go under in the future. Citing data from on-chain data provider Glassnode, popular market analyst Willy Woo notes that nearly 7.3% of the total Bitcoin supply has moved since the Bitcoin valuations surged past $1 trillion.
“This is pretty solid price validation; $1T is already strongly supported by investors. I’d say there’s a fair chance we’ll never see Bitcoin below $1T again,” he adds.
Willy Woo further states that it has been nearly three months since the Bitcoin (BTC) price has moved past its previous all-time high of $19.7K. Above these levels, 28.7% of Bitcoins in circulation have already moved. The URPD indicator offers investors an insight into price discovery while assuming that the BTC coins were bought by investors.
However, Woo asks investors to maintain caution stating “coin movements are not always from purchases. For example exchanges and users regularly move coins internally”.
Another data from Glassnode shows that during the previous bull runs, 50% of Bitcoin supply was younger than 6 months. Currently, it is just at 36%, which means there’s the scope of further price expansion.
In bull markets old coins tend to move more. This increases the relative supply of younger coins in the network.
— glassnode (@glassnode) March 21, 2021
The Race for the Bitcoin ETF Heats Up
There’s a lot of excitement currently around Bitcoin derivative products like exchange-traded funds (ETFs). North America’s first Bitcoin ETF from Canadian financial giant Purpose is a big hit. In one month of launch, the Purpose Bitcoin ETF has clocked over $1 billion CAD in assets under management.
The Purpose Bitcoin ETF has been on a strong accumulation spree during the recent correction. So far, it has accumulated over 14,100 Bitcoins in the physically-backed cold storage. However, all eyes are currently on when the United States gets its first Bitcoin ETF.
The U.S. financial institutions and corporates have recently shown huge interest in Bitcoin. Thus, a Bitcoin ETF in such a case would explode the institutional activity further. In the latest development, Anthony Scaramucci’s Skybridge Capital recently submitted an S1-registration form to the U.S. SEC for launching its own Bitcoin ETF.
Now there are 5 Bitcoin ETF applications waiting for approval from WisdomTree, VanEck, NYDIG Asset Management, Valkyrie Digital Assets, Skybridge and First Trust. A possible decision on it could arrive by the next 45 days.
If the Bitcoin ETF goes live in the U.S, we might see Bitcoin price surging very fast to $100K and above.
- Do Kwon Says Terra Collecting Snapshot Data For LUNA Airdrop
- Top ETH Whales Add These DeFi Tokens Amid Crypto Volatility
- Here’s Why Bitcoin (BTC) Could Be In for Another 50% Correction Under $15,000
- Another Top Exchange To Delist Terra UST Over Collapse
- Just-In: Vitalik Buterin No Longer A Billionaire As Ethereum Crashes
- Bitcoin Price: Key Metrics Show Surprising Insights
- After Terra Crash, Galaxy Digital CEO Warns Against Bottom Buying
- Shiba Inu (SHIB) Prices May Jump Next Week; Here’s Why
- Is Andre Cronje Back On Fantom? FTM Jumps 13%
- PlanB Says Bear Market Almost Over, Bitcoin (BTC) In Buying Range
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?
- SAND Price Analysis: SAND Buyers Await Trendline Breakout To Go Long
- Avalanche Price Analysis: AVAX Sellers Tease $30 Fallout; Sell or Hold?
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark