"Wow, it's really surprising, before the BTC price halving, it was like that."
Everyone must have been surprised after seeing the price of the king of cryptocurrency Bitcoin (BTC) breaking $72,000 which was driven by the increased inflow of BTC ETF and the interest of investors causing the sentiment to change to "extreme greed".
Although there are many macroeconomic problems, the price of BTC continues to rise higher but it should be noted that the crypto exchange on March 11, 2024 only held 2.3 million BTC which marked the lowest level since April 2018.
As the US stock market opened yesterday, BTC ETF spot trading volume strengthened as BlackRock saw $500 million in trades in the first 30 minutes while Fidelity saw over $217 million.
By observation, institutional investors pulled $10.3 billion into digital assets so far in 2024 and $9.9 billion has flowed into BTC specifically while crypto investment products last week set a weekly record with over $2.7 billion flowing into the crypto market.
Please note that institutional investors are not the only investors showing increased interest in BTC as the number of wallets holding non-zero BTC remains above 51 million for the entire year 2024.
In addition to the fact that there are more BTC wallets than ever before, the consistent month-on-month growth of the BTC price has caused almost all addresses to generate profits and this shows strong bullish confidence for the digital asset.
It is well known that MicroStrategy was founded by Michael Saylor who completed an $800 million fundraising effort to buy additional BTC and has used his excess cash to acquire 12,000 BTC with his total holding now exceeding 200,000 BTC.
As of this writing, BTC price has surged by 6.16% to $72,125 in the past 24 hours with a market capitalization of over $1 trillion and has climbed 5.90% over the past week.
