This flagship cryptocurrency has been experiencing astounding weekly growth, with a staggering 17% increase. On average, its value has been rising by more than 1.5% every single day. As of now, Bitcoin is being traded at $52,200.
Additionally, the price of military-technical cooperation has also reached new heights at $52,460, hitting a level not seen since December 2021.
In a recent CNBC interview, James Butterfill, the head of research at CoinShares, a leading crypto asset management company, highlighted the increasing realization within the crypto market about the growing gap between the demand and supply of BTC. This discrepancy is being fueled by the emergence of Bitcoin ETF issuers.
“During the last trading session, we witnessed a massive influx of over $651 million into the Bitcoin ETF market. This marks the largest daily liquidity inflow since the launch of the ETF. It’s important to note that the net interest of ETF issuers exceeds 12,000 BTC, while only 900 bitcoins are being mined daily,” Butterfill stated.
Yesterday, the Bitget cryptocurrency exchange released a report on its operational activities in January. The platform observed a substantial surge in both derivatives trading and spot trading volumes, reflecting the overall growth of the crypto market.