2024-03-14 00:36:35
Experts predict a shortage of bitcoins amid growing interest from institutional investors in the first cryptocurrency.
As Day.Az reports with reference to RBC, Cointelegraph writes about this.
The value of assets under management of spot Bitcoin ETFs in the United States reached $30 billion, which became a record high for the entire ETF industry. Interest in bitcoins from exchange-traded funds could lead to a situation where demand outstrips supply.
Experts note that there are about 3 million BTC on exchanges and in miners’ wallets, of which 1.5 million BTC are held by American companies. Over the past week, Bitcoin ETFs have bought more than 30 thousand BTC, which increases the likelihood of a price shock.
The outflow of funds from the Grayscale Bitcoin Trust (GBTC) exchange-traded fund continues. According to SoSoValue, about $500 million was withdrawn from the fund over the past 24 hours. However, the total value of assets under management of GBTC remains at the level recorded when the exchange-traded fund was launched in January, which may be due to the rise in the price of Bitcoin.
The shortage of bitcoins and growing demand from exchange-traded funds could cause the price of BTC to soar above market expectations, says the head of the analytical company CryptoQuant, Ki Yang Ju.
According to the forecast of the head of CryptoQuant, the price of Bitcoin could reach $112 thousand by the end of 2024 if the current trend of funds flowing into Bitcoin exchange-traded funds continues.
The expert also notes that the number of bitcoins in “storage addresses” (in wallets that accept only incoming transactions) continues to grow, but has not yet reached a critical level for a liquidity “crisis” to occur.
Subscribe to our WhatsApp channel and stay up to date with the main news!