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In a recent interview with CNBC, the head of Galaxy Digital, Michael Novogratz, explained the reasons for the recent rise in Bitcoin prices and its significance for the entire cryptocurrency market. Novogratz emphasized the likelihood of Bitcoin remaining stable above the $50,000 mark if there are no unexpected dramatic events.
Novogratz noted the rapid rise in Bitcoin prices, which reached a historical high of $73,000, indicating positive trends in the market. At the same time, Ethereum surpassed the $4,000 barrier.
Novogratz explained that the recent rise in Bitcoin prices is mainly driven by supply and demand rather than liquidity or other market factors.
He believes this indicates a significant shift in thinking in the United States, where Bitcoin is becoming increasingly popular. According to Novogratz, this approval is a kind of vote of confidence from Americans and a sign of growing support for digital assets.
However, considering the volatile nature of Bitcoin, Novogratz emphasized that the price of Bitcoin will remain above $50,000 if nothing unexpected happens.
He noted that this stability has been the result of the existence of ETFs and constant institutional investments in the market through these ETFs. However, Novogratz emphasized the importance of exercising caution during periods of irrational abundance when funding rates are high.
Novogratz also emphasized the connection between Bitcoin prices and traditional assets such as gold, considering political foundations and monetary policy as key drivers.
He noted the problem of excessive government spending, particularly evident in U.S. President Joe Biden's trillion-dollar-plus budget deficit. Novogratz believes that Bitcoin has always been a benchmark for financial management, and now there is a lack of management in Washington.
Assessing the value of Bitcoin in the context of monetary policy, the expert emphasized its importance as a key criterion. He noted that "the brilliance of the Bitcoin rally is that it is encoded in the official document of the monetary policy for this ecosystem," while paper money is subject to the intervention of specific governments.
Novogratz emphasized that Bitcoin helps people preserve their wealth during periods of economic instability.
He also expressed his views on Ethereum ETF forecasts, which could impact the cryptocurrency market. Despite sharp debates in the SEC regarding the classification of Ethereum as a security, Novogratz looks optimistic about the approval of ETFs. He cited Bitcoin's roadmap as an example and predicted a similar outcome for Ethereum.
According to data, the reserves of Bitcoin in BlackRock's IBIT company have exceeded 200,000 and currently amount to 203,754.8 Bitcoins with a market value of $14.76 billion.
Published data also revealed information about the net asset value (NAV) of $41.27 on March 11, 2024, for the iShares Bitcoin Trust. On that day, the ETF grew by 4.55% based on NAV.
BlackRock also provided information about fees related to IBIT, indicating a sponsor fee of 0.25%. However, the company announced a waiver of fees for the first 12 months, reducing the sponsor fee to 0.12% for the first $5.0 billion of fund assets. After this period or if the fund exceeds $5.0 billion within 12 months, the fee will return to 0.25%.
As stated on their website, BlackRock iShares Bitcoin Trust has witnessed a sharp increase in Bitcoin reserves, exceeding 200,000 with a market value of approximately $14.76 billion as of March 11, 2024.
This significant growth coincided with a unique influx of institutional investments into the US spot Bitcoin ETF market, marking another milestone not only for Bitcoin but also for digital assets as a whole.
On Thursday, U.S. spot Bitcoin ETFs recorded a massive inflow of institutional investments totaling $505.6 million, according to preliminary data from Farside UK.
At the center of attention are institutional giants IBIT BlackRock and Bitcoin Trust (FBTC) Fidelity, which together received a total of $775 million in inflows. On February 20, IBIT BlackRock reached a record level with an inflow of $562.9 million. FBTC brought in $215.5 million.
Despite the increasing number of investors trading digital assets and the high returns through BTC ETFs, Grayscale's Bitcoin Trust (GBTC) experienced significant outflows.
The increase in Bitcoin reserves and inflows through ETFs also occurred parallel to a new all-time high for Bitcoin, surpassing $72,000. Experts attribute the growing trend to positive events in the Bitcoin ETF universe and the upcoming halving, which are key factors in the current bullish movement.
The growing inflow of institutional investments into Bitcoin ETFs is of great importance for the cryptocurrency market as a whole. BlackRock's positions in Bitcoin have significantly increased, and the record inflow of funds into the American spot Bitcoin ETF confirms the maturity of the cryptocurrency market and its ability to withstand the most serious challenges.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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