Many new investors may have entered the market at the end of October or November 2023 and have already reaped a considerable dividend.
Bitcoin alone has risen from around $28,000 to as high as $48,000, an increase of more than 50%.
After entering January, with the approval of the Bitcoin spot ETF application on January 10, 2024, the market followed the trend of sell the news, rising slightly by 1% before starting to pull back.
At the same time, with the lifting of the ban on Grayscale GBTC (in the previous few years, investors could only buy but not sell), investors can start selling.
Regardless of whether they have made money or not, a considerable proportion of investors want to leave this fund with a handling fee as high as 1.5%.
The newly established BlackRock Bitcoin Spot ETF - IBIT and other Bitcoin spot ETF funds have been attracting new customers, new funds, and Bitcoin since the first day of approval with a handling fee far lower than 1.5%.
The data is summarized in the following figure (red is the number of bitcoins sold, green is the number of bitcoins bought):
So, don’t forget these 3 points:
Bitcoin is now in the range of $38,000-42,000 because Grayscale is constantly selling, and the selling will eventually end.
At the same time, the purchase of new funds has not stopped since the first day after the ETF was approved.
❷The halving of Bitcoin production every four years is just around the corner (around April 26, 2024)
❸In 2024, the Federal Reserve will definitely start the interest rate cut mode, bringing in more funds, continuing to push up US stocks, US housing prices, and risky assets (Bitcoin)
Therefore, it is unlikely that you will be able to buy Bitcoin below $42,000 after the end of April.
The current market price of Bitcoin is like the housing price in Shanghai before the Oriental Pearl Tower was built in the drama "Fang Hua".
So do you want to buy real estate in Lujiazui, Shanghai in 1994 or in 2024?
You know what to do now.
