How Much Do Bitcoin ETFs Actually Matter? Glassnode Investigates
On-chain data suggests that the Bitcoin ETFs now comprise between 30% and 50% of the Bitcoin spot market.
Bitcoin is the first decentralized cryptocurrency, based on the blockchain technology. It doesn’t have a physical form as it’s entirely computerized. It’s stored in digital addresses and can be accessed using their private keys.
Back in 2009, Bitcoin was first introduced to the world. It was detailed in a whitepaper called Bitcoin: A Peer-to-Peer Electronic Cash System, published by the pseudonymous Satoshi Nakamoto, the identity of whom remains unknown.
Bitcoins are generated through a process that’s commonly referred to as mining. The main objective of miners is to validate the transactions on the network and to store them in blocks, which are then added to the ledger. Hence, the name – blockchain. For every added block, miners receive a reward in Bitcoins. They are also compensated for their work through the so-called mining fees.
Bitcoin is also the world’s first digitally scarce object. Its code is written in a way that would allow the existence of 21 million bitcoins. Once this number is reached, no new bitcoins will be added to the market, and miners will only earn profits by collecting fees.
On-chain data suggests that the Bitcoin ETFs now comprise between 30% and 50% of the Bitcoin spot market.
According to Santiment, XRP is among the top cryptocurrencies involved in the most discussions in the space.
Mark Palmer, a Benchmark analyst, is bullish on MicroStrategy, setting a $1,875 stock target, almost double their previous $990 target.
Bitcoin’s post-halving price rally may surpass expectations because the asset hit a new all-time high before the event.
Signs of spot Bitcoin ETF hype appears to be cooling down.
Metaplanet just invested 1 billion JPY into Bitcoin, and has adopted it as its “core treasury reserve asset.”
Garlinghouse claimed that the crypto industry may have a bigger market cap than the combined one of Amazon and Microsoft
A few hours before writing time, IntoTheBlock tweeted that over 30,000 Bitcoin addresses were at a loss.
Reduced selling pressure, coupled with substantial profits realized amidst a strong correlation with the USDT market cap, among other factors
This week will see a lot of key economic data released in the United States which may have an impact