Bitcoin Surges 23% In Three Weeks: ETF Demand And Market Dynamics

Bitcoin’s impressive run continues, with a 23% gain over the past three weeks, pushing its value from $52,500 to over $65,000.

A key driver of this momentum is the growing demand for the Bitcoin Spot ETF.

Important Charts for Tracking Bullish Momentum

Bitcoin has risen over 23% in the past three weeks, from $52,500 to over $65,000.

Let’s dive into the key metrics 🧵

— CryptoQuant.com (@cryptoquant_com) September 29, 2024

Last week saw significant inflows into Bitcoin ETFs, with BlackRock, Fidelity, and Ark reporting combined inflows of $324 million on September 26th. This surge in demand from U.S. investors has propelled Short-Term Holders back into profit.

However, caution is warranted as the futures market shows signs of overheating. Open Interest has reached $19.1 billion, a level surpassed only six times since March 2024, each preceding a price drop.

Bitcoin Spot ETFs Holdings Positions For Long-term Holder Supply 

Meanwhile, Spot Bitcoin ETF holdings are transitioning to Long-Term Holder Supply as coins pass the 155-day mark. While this shift may appear bullish, it often occurs in the late stages of a bull market.

Another notable development is the growing demand for Bitcoin yield, driven by Coinbase’s new Bitcoin-pegged token, $cbBTC. Currently, 1% of Bitcoin’s supply is locked in DeFi.

1% of Bitcoin’s supply is now locked in DeFi, driven by growing demand for Bitcoin yield and Coinbase’s new Bitcoin-pegged token, $cbBTC pic.twitter.com/e7mbo4FLJS

— IntoTheBlock (@intotheblock) September 29, 2024

ETF Inflows:

– BlackRock ETF IBIT: $499 million
– 21Shares Bitcoin ETF ARKB: $269 million
– Total net inflow: $1.11 billion (September 23-27)

Last week (September 23 to September 27), Bitcoin spot ETFs had a net inflow of US$1.11 billion last week. BlackRock ETF IBIT had an inflow of US$499 million, and 21Shares Bitcoin ETF ARKB had an inflow of US$269 million. https://t.co/YanotfbWiJ

— Wu Blockchain (@WuBlockchain) September 30, 2024

As Bitcoin’s momentum continues, keep an eye on these key metrics:

– ETF demand
– Futures market overheating
– Long-Term Holder Supply shifts
– DeFi growth

Will Bitcoin’s upward trajectory sustain, or will market dynamics shift? Stay informed to make informed decisions.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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