QCP Capital: Bitcoin easily broke $69,000 in March! Spot ETFs continue to show net inflows

According to data from this website (120BTc.coM), after Bitcoin broke through 52,000 US dollars last night, it still maintains a relatively stable state, maintaining between 51,500 US dollars and 52,000 US dollars. The U.S. dollar is range-bound. The strong market during the Chinese New Year has attracted widespread market attention. Many people speculate that this is related to the net inflow of Bitcoin spot ETFs. This factor has provided assistance to the rise in Bitcoin prices. However, there are no obvious signs of decline yet, and the market still maintains an optimistic attitude towards the trend of Bitcoin.

According to all Bitcoin spot ETF products, net inflows have continued to show since January 29, and reached a new high of US$400 million on February 9.

Bitcoin spot ETF continues to show net inflows

According to data shared by Bloomberg senior analyst Eric Balchunas, BlackRock’s IBIT ETF Within 23 trading days of the launch of the currency spot ETF, the market value has exceeded US$5 billion. With the continuous inflow of funds, IBIT's current market value ranking among all ETFs has jumped to the top 7%.

BlackRock’s IBITETF has a market value of US$5.45 billion

QCP Capital: Easily broke through a record high in March

This wave of gains Can the trend continue? Today (15th), QCP Capital made an optimistic prediction on the market trends of Bitcoin (BTC). QCP stated that the recent breakthrough of the US$50,000 mark is due to the large inflow of funds attracted by the Bitcoin spot ETF recently, with an average daily average of about 5 to 50,000 US dollars. 650 million US dollars, equivalent to purchasing 10,000 to 13,000 Bitcoins per day.

According to QCP’s analysis, as global capital liquidity increasingly tilts towards spot ETFs, this trend of capital inflows is expected to continue, especially after large financial institutions such as Fidelity announce that they will After allocating 1 to 3% of cryptocurrencies in ETFs, crypto assets have become a hot topic in the mainstream investment market.

QCP also observed that in addition to inflows from the spot market, the Bitcoin call market has also seen significant growth. This week alone, the market has witnessed approximately $10 million in margin being put into Bitcoin call options expiring between April and December with strike prices between $60,000 and $80,000.

QCP Capital therefore predicts that driven by these strong capital inflows, Bitcoin may easily break through its all-time high price before the end of March.

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