The continued rise in the price of the leading cryptocurrency in 2024 is predetermined by additional inflows into American spot bitcoin ETFs, according to CryptoQuant.
Analysts explained that even from a conservative perspective, new ATH levels should be expected.
Experts noted that only three months have passed since the formation of a large wave of new demand. In previous bull markets in 2017 and 2021, the formation of a cyclical peak occurred in the ninth and seventh months after this event.
Experts explained that such an observation is characteristic of other assets as well. The emergence of a new generation of investors is evidenced by the decrease in the share of coins “older” than six months.
In another post, analysts concluded that the bitcoin price premium on Coinbase relative to the market as a whole (CPI) could signal further increases in the value of the leading cryptocurrency.
This situation became characteristic after January 10, when the SEC approved spot ETFs based on digital gold.
Specifically, when CPI exceeds 0, individual and institutional investors actively buy bitcoins on the spot market at Coinbase.
Glassnode reported the formation of a balance between sales by long-term holders and the influx of fresh demand.
Earlier, Grayscale identified macroeconomic factors such as high inflation and the key interest rate as the main obstacles to the growth of the leading cryptocurrency in the short term.