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The biggest bulls in the crypto arena are fighting for Bitcoin. BlackRock’s Bitcoin ETF, IBIT, hits a historic $10B in assets, outpacing all other ETFs in the US! A rally in Bitcoin prices fuels this milestone, attracting eager eyes from institutions to everyday investors.
Surprisingly, IBIT, launched in January, now champions the crypto sphere with over 195,000 BTC in its grasp, even outdoing MicroStrategy’s holdings.
This triumph marks a seismic shift in finance, proving digital assets are more than just a trend. The collective value of new Bitcoin ETFs, excluding Grayscale’s, is now $28 billion, driven by institutional demand pushing Bitcoin past $70,000.
Crypto competition heats up!
Next stop: the moon!
Bitcoin has hit a new all-time high, 70k, and the highest weekly candle ever. However, the market has a buzz about Bitcoin’s limited supply. Recent reports indicate that over-the-counter (OTC) platforms are running low on Bitcoin, prompting them to source from public exchanges. OTC desks, which mainly serve large-volume traders such as institutional investors, feel pressure as demand skyrockets.
OTC desks are running out of Bitcoin.
— Lark Davis (@TheCryptoLark) March 4, 2024
Suppliers must return to public exchanges to source new Bitcoin when demand is overwhelming.
The supply & demand pressure is building. pic.twitter.com/qoAiX8WW0A
Meanwhile, while not an ETF issuer, MicroStrategy holds 193,000 BTC in its corporate treasury, partially financed by debt. They recently announced plans for a $600 million debt offering to boost their Bitcoin reserves further.
This Bitcoin-centric strategy has topped MicroStrategy’s stock (MSTR) to a 642% surge in the past 12 months, significantly flipping Bitcoin’s gains of 244% over the same period.
Despite the negative comments from experts on accumulating mass bitcoin, CEO Michael Saylor has reconfirmed his belief that he will keep the company’s Bitcoin reserves. He calls Bitcoin the “exit strategy.” Saylor thinks Bitcoin is “technically superior” to gold, the S&P 500, and real estate, even though these assets have bigger market caps. He says, “There’s just no reason to sell the winner to buy the losers.”
“Wolf of All Streets” Forecasts Bitcoin Rise with Bubble Caution
Scott Melker, the “Wolf of All Streets,” predicts a big Bitcoin boom but warns of a possible bubble. He says even worthless cryptocurrencies might rise before a market correction. Despite risks, he sees a major Bitcoin surge. The growing demand for spot ETFs and the upcoming halving event add to positive forecasts. With demand surpassing supply, Bitcoin’s price is likely to cross $75K in March to keep rising on optimism and speculation.
The battle sets the stage for summer—Who will lead the charge into crypto’s new era?