#点个关注↗️不迷路 $BTC
Former Coinbase CTO: Bitcoin's exchange rate against fiat currency has hit a record high in 14 countries. On February 23, former Coinbase CTO Balaji Srinivasan tweeted that Bitcoin's exchange rate against fiat currency has hit a record high in 14 countries including Japan, Argentina, Turkey, Nigeria, etc. The total population of these 14 countries exceeds 1 billion, and the total GDP exceeds 7 trillion US dollars. (Source: X platform @balajis)
According to coinglass data, the total market value of Bitcoin ETFs (including spot and futures ETFs) exceeded US$40 billion, reaching US$40.027 billion, and the total assets under management (AUM) was US$36.85 billion. Among them: GBTC's market value was US$23.226 billion, and its AUM reached US$23.2 billion; IBIT's market value was US$6.398 billion, and its AUM reached US$5.68 billion; FBTC's market value was US$4.49 billion, and its AUM reached US$4.25 billion.
JPMorgan: Recent Crypto Rally Driven by Impulsive Decisions by Retail Traders
On February 22, JPMorgan analysts said that the recent surge in cryptocurrency prices appears to be driven by impulsive decisions made by individual traders rather than by institutional investors or market fundamentals. JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a report on Thursday: "Similar to stocks, we found that retail impulse in cryptocurrencies rebounded in February, which may be the reason for the strong rebound in the cryptocurrency market this month."
Analysts said the retail impulse is evident by analyzing the cumulative Bitcoin flows on-chain, differentiating between large and small wallets, and adjusting for inflows into new spot Bitcoin ETFs. “This adjustment is necessary because Bitcoin held by retail investors has moved to new spot Bitcoin ETFs, which are technically held by larger institutional wallets, even if the end investors are retail,” they added. Another indicator of retail interest in cryptocurrencies can be seen in the growing popularity of artificial intelligence and meme tokens, the analysts said. They added that the share of artificial intelligence and meme tokens in the overall crypto market cap rebounded in February.
The recent retail impulse can be attributed to three major upcoming crypto catalysts, namely the Bitcoin halving event, Ethereum’s next major upgrade, and the prospect of a spot Ethereum ETF being approved in the U.S. in May. However, the analyst reiterated that the first two catalysts are “largely priced in,” while there is only a 50% chance that an Ethereum ETF will be approved in May.
BTC price expected to reach $63,000 in March
On February 23, Matrixport reported that BTC price is expected to achieve its goal of $63,000 in March 2024. Matrixport said that historical data shows that Bitcoin prices usually rebound when halving. Catalysts for Bitcoin include: Approval of Bitcoin spot ETF: The fund has inflows of $10 billion. As more and more investors integrate Bitcoin with traditional portfolios, the ongoing marketing activities of these ETF issuers will continue to support Bitcoin prices. Bitcoin halving: Based on the situation in the two months before the halving, Bitcoin prices tend to rise by more than 32% when halving. Expectations of interest rate cuts after the Fed's FOMC meeting: Two weeks after the June FOMC meeting, the Federal Reserve may officially cut interest rates for the first time. US presidential election: Bitcoin tends to rise in election years, with an average return of +192%.
