After hitting a record high of $73,000 in mid-March this year, Bitcoin experienced a long period of correction, reaching a low of nearly $56,000.
However, with the recent news that the U.S. Federal Reserve (Fed) is expected to cut interest rates and that the Ethereum spot ETF has been approved by the U.S. Securities and Exchange Commission (SEC), the market seems to be picking up, and Bitcoin also stood on the upper level again on Monday (28th). $70,000.
At the time of writing, after hitting a low of $67,135 at zero today, Bitcoin has rebounded to $67,583, down 1.13% in the past 24 hours.
Glassnode: The market returns to currency hoarding mode
Against this background, the cryptocurrency data platform Glassnode released a research report on Monday (28) stating that long-term Bitcoin holders have experienced months of selling for the first time since December 2023. A new round of currency hoarding operations:
Bitcoin is currently just below its all-time high and continues to consolidate, with long-term holders beginning to return to accumulating Bitcoin for the first time since December 2023.
In addition, Glassnode analysts also pointed out market indicators of the return of buyer demand, that is, Bitcoin spot ETFs once again experienced net inflows:
We can see this from the capital flows of the Bitcoin spot ETF. Throughout April, ETF funds were in outflows.
But last week, ETF net inflows reached a staggering $242 million per day, indicating that buyer demand is back on track, underscoring the market influence of ETFs.
This bull market is more moderate
In addition, Glassnode also observed that over the past three months, Bitcoin’s price trend has been more moderate and stable than the previous bull market:
In the past three months, Bitcoin’s weekly, monthly, and quarterly gains have exceeded 3.3%, 7.4%, and 25.6% respectively. In the past three months, there have only been 5 days with greater increases than the above. rising situation.
In previous bull markets, these days may have reached between 18 and 26 days, which indicates that the current bull market may be more cautious and stable compared to historical bull markets.
BlackRock’s two funds Q1 invest in IBIT
It is also worth noting that according to a report by "The Block", two funds under the asset management giant BlackRock: Strategic Income Opportunities Fund and Strategic Global Bond Fund, IBIT issued by BlackRock was bought in the first quarter of this year, valued at US$3.6 million and US$486,000 respectively.
It is understood that the Strategic Income Opportunities Fund and the Strategic Global Bond Fund are both managed by Rick Rieder, BlackRock’s Global Fixed Income Chief Investment Officer. Their asset management scales are US$24 billion and US$512 million respectively, and their investment proportions in IBIT are respectively are 0.015% and 0.095%.
Although the current proportion is not large, it shows the trend of institutions starting to enter the market, and as long as the investment proportion rises to only 1%, it can bring hundreds of millions of dollars of capital to BTC.
