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Bitcoin hits $52K! Is the "Up Only" mode on? Wall Street funds continue to flow into BTC ETF, and gold ETF is out of fashion.

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Bitcoin hits $52K! Is the "Up Only" mode on? Wall Street funds continue to flow into BTC ETF, and gold ETF is out of fashion.

Bitcoin touched $52,043 on the Binance exchange on the night of 2/14, leading many analysts to believe that Bitcoin is now in an "Up Only" mode.

Bitcoin ETF Sees High Net Inflows for Consecutive Days

Bitcoin ETF continued to experience high net inflows the previous day, totaling $631 million, marking over $4 billion in net inflows since 2/8 –

  • 2/8: $405 million
  • 2/9: $541 million
  • 2/12: $493 million
  • 2/13: $631 million

Analysts supporting this claim believe that if the weekly supply of Bitcoin and the weekly net inflow of funds into Bitcoin ETF continue to outstrip demand, it will significantly boost the price of Bitcoin.

GBTC Sees Significant Decrease in Outflow of Funds

Grayscale GBTC transferred Bitcoin worth only $105 million to Coinbase on 2/15, similar to the past few days where it stayed around $100 million, a stark contrast to the early days of ETF launch when daily outflows were in the hundreds of millions.

Analysts supporting this phenomenon believe that GBTC has halted the selling trend, providing a boost to the Bitcoin price and contributing to the overall net inflow of Bitcoin ETF.

Gold ETF Losing Popularity? Bitcoin Offers a Good Opportunity

Bloomberg analysts tracking Bitcoin ETF note that while Bitcoin ETFs are gaining popularity, ETF products related to gold are showing a year-long trend of net outflows.

Many believe this trend favors Bitcoin products.

Election Year + Halving + ETF: An Invincible Combination for Bitcoin?

The narrative surrounding the rise of Bitcoin seems to have exceptional synergies in terms of news. With Bitcoin halving reducing production, the supportive effect of the U.S. election year on the stock market, and the ongoing rise in demand due to Bitcoin ETF, many analysts are optimistic about reaching new highs this year.

Overall, the performance anticipated by the community for the second quarter seems to have rushed in during the first quarter; will this accelerate the end of the current bull market?

For seasoned cryptocurrency warriors, knowing when to exit is also an art.