Bitcoin continues to fluctuate at $43,000! Take stock of 2 signs of a bull market outbreak

Bitcoin (BTC) once fell below the US$42,000 mark on the 1st, hitting a low of US$41,884, but then rebounded to US$42,000 on the 2nd, and has continued to trade at US$42,000 for the past three days. It fluctuated between US$42,600 and US$43,500, with no obvious fluctuations. As of press time, Bitcoin was quoted at $43,033, down 0.3%.

Ethereum (ETH) reached a high of $2,391 on January 31, but then slid to a low of $2,240 on the 1st. After that, the price recovered slightly and continued to fluctuate between $2,280 and $2,330 over the past 3 days. As of now, the price of Ethereum is at $2,285, down 0.8% from the past 24 hours.

Trend Observation 1: GBTC capital outflows slow down

It is worth noting that the latest data shows that the scale of grayscale GBTC capital outflows is continuing to decrease. According to data from BitMEX Research, the Bitcoin spot ETF experienced a single-day outflow of US$145 million on February 2, the 16th trading day of its launch. Nine trading days have passed since the single-day outflow reached its peak of US$640 million on January 22, and the scale of outflows has begun to slow down (except for a slight increase on the 30th). This shows that investor outflow pressure on Bitcoin has weakened, which may mean that market sentiment is gradually improving.

Bitcoin spot ETF capital inflows and changes

According to Lookonchain data, the latest data shows that GBTC has decreased by 4,255 BTC in the past 3 days, which is equivalent to at approximately US$183 million. Since the GBTC Conversion Bitcoin Spot ETF application was approved, GBTC has lost a total of 140,825 BTC, equivalent to approximately $6.07 billion. At the same time, eight other spot ETFs such as BlackRock added 175,479 BTC, equivalent to approximately US$7.56 billion. This means that net inflows into spot ETFs reached 34,654 BTC.

Changes in BTC holdings of Bitcoin Spot ETF

According to Arkham Intelligence data, Grayscale GBTC still holds approximately 481,000 Bitcoins. , worth approximately US$20.7 billion.

GBTC’s BTC holdings

Bloomberg analyst Eric Balchunas had previously expected GBTC’s outflow rate to be higher than 20%, but did not It will exceed 35%, and at least 1/3 of these outflows from GBTC will reinvest in Bitcoin. After including GBTC outflows, the net inflow of Bitcoin spot ETF funds this year will still reach 10 billion US dollars.

Trend Observation 2: USDT market value hits new high

In addition, IntoTheBlock data shows that USDT has written a major new milestone. The market value has now climbed to 96 billion US dollars, setting a record high. IntoTheBlock also It is pointed out that the market value of stablecoins is rising strongly, with an increase of more than 9 billion US dollars since October 2023. The continued upward trend further enhances the possibility of a bull market cycle.

Market value of stablecoin

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