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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

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Home Bitcoin

Bitcoin: What BlackRock ETF’s $1B daily volume means for BTC

February 8, 2024
in Bitcoin
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Bitcoin: What BlackRock ETF’s $1B daily volume means for BTC
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  • The surge in volume made IBIT one of the most sought-after ETFs in the U.S.
  • Bitcoin’s price crossed $44,000 and might climb further.

The 7th of February was a big day for BlackRock’s Bitcoin [BTC] ETF as the daily trading volume surpassed $1 billion.

According to Bloomberg Intelligence analyst James Seyffart, IBIT, which is the ticker of the ETF had much more volume than its counterparts including Bitwise, and Fidelity among others.

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

Big volume day for $IBIT. Total volume over $1 billion for the group. https://t.co/Fv8G4P7cvb pic.twitter.com/EGzt431oOr

— James Seyffart (@JSeyff) February 7, 2024

Outsiders want all of Bitcoin’s exposure

The increase suggests that interest in Bitcoin ETFs has continued to improve since the launch. But concerning price action, the surge is not much of a big deal.

This was because the rise in volume is not proof that the demand for Bitcoin has outweighed supply which seemed to be the most important metric to watch out for.

Despite the lack of effect on Bitcoin’s price, BlackRock seemed to be leading in adoption among all Bitcoin ETFs. This was evident in IBIT’s position out of all the ETFs issued in the U.S.

On the 6th of February,  Eric Balcuhnas posted that IBIT had had more inflows than 99.98% of the U.S.-issued ETFs. Balcuhnas is another senior analyst at Bloomberg.

Also $IBIT now in Top 5 in YTD flows, which means it’s taken in more cash than 99.98% of ETFs. Not bad for 17 days old. pic.twitter.com/ehAsZWRoqK

— Eric Balchunas (@EricBalchunas) February 6, 2024

Therefore, AMBCrypto can confirm that BlackRock was well in the lead out of all the approved Bitcoin ETFs. In other developments, Bitcoin’s price tapped $44,000 on the same day IBIT’s volume hit $1 billion.

See also  BTC ATH when? Investors stir as Bitcoin Open Interest crosses historic highs

BTC climbs, might do more

Press time data revealed that BTC has continued to move higher changing hands at $44,665. This jump represents a 3.96% increase in the last 24 hours.

However, signals from the technical outlook revealed that the price might go higher. One reason for this projection could be linked to the position of the Exponential Moving Average (EMA).

As of this writing, the 50 EMA (blue) had crossed over the 200 EMA (yellow) on the daily chart. Also, Bitcoin’s price had broken above both levels.

Should this position stay the same, BTC might rise possibly above $50,000. However, the projection might coincide with a post-halving rally.

That is not to say Bitcoin would not increase past the $44,000 region pre-halving. For instance, the Accumulation/Distribution (A/D) indicator showed that the accumulation of the coin has been intense over the last few days.

If distribution does not take over, Bitcoin’s price might surpass $47,000 in the short term.


The daily Bitcoin chart showing the coin's possible increase to $50,000

Source: TradingView


Is your portfolio green? Check the Bitcoin Profit Calculator


Furthermore, indications from the Money Flow Index (MFI) supported the projection. At press time, the MFI reading had increased to 76.24. The jump suggests an increase in capital flow which could foreshadow a price increase.

If liquidity continues to flow into the ETFs as well as the Bitcoin spot market, then a climb to $47,000 is one significant level where the coin might hit next.

Next: Exec claims Bitcoin ETF is the ‘perfect Trojan horse’

Tags: BitcoinBlackRockBTCDailyETFsMeansVolume

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