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Bitcoin (BTC) has defied analysts’ expectations, surging over 8% this week while many were calling for weeks of consolidation. While at it, Bitcoin Minetrix has raised more than $10.5 million in its presale.
Whale accumulation sparks Bitcoin rally
One analyst notes that the current Bitcoin uptick is because of whales accumulating
Meanwhile, Bloomberg Analyst James Seyffart reported net spot Bitcoin ETF inflows of $1.8 billion on Feb. 8, pushing the total assets under management (AUM) to $29 billion.
In a follow-up post, James speculated that Grayscale’s GBTC will see net inflows on Feb. 9, following heavy selling in recent weeks.
Grayscale’s selling has tapered off recently, enabling the positive effects of ETF inflows to bolster price.
These two factors show institutional money is powering the recent surge, likely led by optimism in the broader U.S. stock market.
Market data shows the S&P500 recently broke the 5,000 level for the first time ever. This move benefits a broader spectrum of risk-on assets, including Bitcoin.
Meanwhile, Coinglass data shows that Bitcoin’s open interest-weighted funding rate remains at 0.011%, levels seen below $35K in October 2023.
This suggests the recent rally is led by spot buying from whales rather than speculative and leveraged trading. Consequently, Bitcoin may be in a solid position for further upside movement, not held down by the risk of mass liquidations.
Analyst Rekt Capital believes that Bitcoin is about to enter its “pre-halving rally” phase.
Based on the analyst’s historical data, this week was supposed to be the last in Bitcoin’s “pre-halving downside” phase, but Rekt Capital notes Bitcoin is attempting to breakout early.
Meanwhile, Michael van de Poppe noted that he is “positively surprised” by Bitcoin’s recent price action.
The analyst then displayed a price chart showcasing Bitcoin’s bullish momentum.
The recent Bitcoin rally has also lifted another project, Bitcoin Minetrix, a cloud mining protocol on Ethereum.
Bitcoin Minetrix presale hits $10.5 million
With the ongoing Bitcoin rally, analyst Kaleo noted, “betting on BTC narratives seems like a no-brainer play here.”
Currently, one of the top upcoming Bitcoin narratives is decentralized cloud mining.
Bitcoin mining is complex, with many moving parts and upfront costs. This is why cloud mining was invented. But this comes with its own issues, mainly relating to scams and exploitation.
However, Bitcoin Minetrix offers a convenient solution to both problems, enabling effortless, secure, and transparent cloud mining.
The project is launching on Ethereum, offering unparalleled accessibility and transparency.
It works by users staking BTCMTX in exchange for Bitcoin mining credits.
They can then burn these credits for Bitcoin cloud mining power.
Another benefit to this project is BTCMTX’s central utility in the ecosystem.
Since users require it for staking, there will be a natural demand stream that helps absorb any sell pressure on the market.
BTCMTX is currently trading at $0.0133. Presale buyers can also stake their tokens immediately for a 64% APY.
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Source: https://crypto.news/btc-adds-8-bitcoin-minetrix-benefits-from-rally/