{"id":572305,"date":"2024-01-30T19:30:55","date_gmt":"2024-01-30T19:30:55","guid":{"rendered":"https:\/\/wncen.com\/?p=572305"},"modified":"2024-06-11T08:01:27","modified_gmt":"2024-06-11T08:01:27","slug":"bitcoin-price-before-halving","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-before-halving\/","title":{"rendered":"Bitcoin Price Could Hit New All-Time High Before Halving, Here&#8217;s Why"},"content":{"rendered":"<p>The Bitcoin market is currently experiencing a turning point, largely driven by recent trends in Bitcoin exchange-traded funds (ETFs). Yesterday, Bitcoin&#8217;s price rose above $43,000, a movement closely tied to changing dynamics in ETF inflows and outflows, particularly involving the Grayscale Bitcoin Trust (GBTC).<\/p>\n<p>On January 29, (Bitcoin ETF Day 12), a notable shift occurred. The Bitcoin spot ETFs witnessed a substantial net inflow of US$255 million, while <a href=\"https:\/\/wncen.com\/bitcoin-news\/selling-pressure-subsides-as-grayscale-sends-8-6k-bitcoin-to-coinbase-falling-below-average\/\" target=\"_blank\" rel=\"noopener \">Grayscale&#8217;s GBTC<\/a> experienced a significant net outflow of $191 million. The other nine ETFs, led by Fidelity and BlackRock, saw a combined net inflow of $446 million, making it the third-highest inflow day for Bitcoin ETFs.<\/p>\n<figure id=\"attachment_572353\" aria-describedby=\"caption-attachment-572353\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-572353 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFE8EIEWwAAEsWm.jpg?resize=1800%2C810\" alt=\"Bitcoin ETF Flow - Day 12\" width=\"1800\" height=\"810\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFE8EIEWwAAEsWm.jpg?w=1800 1800w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFE8EIEWwAAEsWm.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFE8EIEWwAAEsWm.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFE8EIEWwAAEsWm.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFE8EIEWwAAEsWm.jpg?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFE8EIEWwAAEsWm.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFE8EIEWwAAEsWm.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-572353\" class=\"wp-caption-text\">Bitcoin ETF Flow &#8211; Day 12 | Source: <a href=\"https:\/\/twitter.com\/BitMEXResearch\/status\/85951176\" target=\"_blank\" rel=\"noopener nofollow\">@BitMEXResearch<\/a><\/figcaption><\/figure>\n<h2>New All-Time High Until Bitcoin Halving?<\/h2>\n<p>This scenario of high inflows and reduced outflows from Grayscale&#8217;s GBTC presents an intriguing change from previous days, where GBTC outflows dominated and weighed heavily on the market sentiment.<\/p>\n<p>Crypto analyst @WhalePanda, who&#8217;s part of the \u201cMagical Crypto Friends\u201d YouTube channels (along with Samson Mow, Charlie Lee, and Riccardo Spagni), commented on this development, stating, \u201cNet inflow of $250 million in a day is crazy. That&#8217;s 5800 Bitcoin being removed from the market in just one day.\u201d<\/p>\n<p>He highlighted the significance of this volume, especially when compared to the daily Bitcoin mining rate of 900 BTC. MicroStrategy <a href=\"https:\/\/wncen.com\/news\/bitcoin\/microstrategy-615-million-on-bitcoin\/\" target=\"_blank\" rel=\"noopener \">bought<\/a> $615 million BTC between November 30 and December 26.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/glassnode-bitcoin-surge-could-trigger-a-1-billion-liquidation\/\" target=\"_blank\" rel=\"noopener \">Glassnode Co-Founder Warns: Bitcoin\u2019s Surge Could Trigger A $1 Billion Liquidation Event \u2013 Here\u2019s Why<\/a><\/div>\n<p>While WhalePanda acknowledged that inflows will slow down one day, he expects this to happen later on. \u201cThe increased price is driving more exposure, leading to more inflows, which in turn pushes the price even higher. This is a classic example of the bull cycle flywheel mechanics at play, even before the halving,\u201d he remarked.<\/p>\n<p>The renowned crypto expert further elaborated that \u201cthe amount of Bitcoin float will significantly drop over the next couple of days and once the price starts moving with limited supply left&#8230; Things can go crazy. No, not $1 million crazy. Crazy for me is breaking ATH before <a href=\"https:\/\/wncen.com\/news\/bitcoin\/when-is-the-next-btc-halving-date-bitcoin-halving-guide\/\" target=\"_blank\" rel=\"noopener \">halving<\/a>.\u201d<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/this-banking-giant-files-for-bitcoin-etf-application-in-hong-kong\/\" target=\"_blank\" rel=\"noopener \">This Banking Giant Files For Bitcoin ETF Application In Hong Kong<\/a><\/div>\n<p>In a separate <a href=\"https:\/\/twitter.com\/WhalePanda\/status\/05749457\" target=\"_blank\" rel=\"noopener nofollow\">post<\/a> on X, @WhalePanda expressed his outlook for the week, \u201cThis is going to be a big week for #Bitcoin. With GBTC outflows decreasing and a strong inflow day last Friday, we might be seeing the beginning of a new trend.\u201d He emphasized the potential of this momentum to become a self-fulfilling prophecy, driving Bitcoin&#8217;s price higher.<\/p>\n<h2>Spot BTC ETFs Remain The Focus<\/h2>\n<p>Thomas Fahrer, co-founder of Apollo Sats, <a href=\"https:\/\/twitter.com\/thomas_fahrer\/status\/69330700\" target=\"_blank\" rel=\"noopener nofollow\">added<\/a> context to these massive spot BTC figures, noting, \u201cThe 9 New ETFs hold more BTC than Tether, Tesla, Block, and all of the Public Miners combined. Soon they will surpass MSTR, and later even GBTC.&#8221;<\/p>\n<figure id=\"attachment_572347\" aria-describedby=\"caption-attachment-572347\" style=\"width: 885px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-572347 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFFDvzSbQAA3z9c.png?resize=885%2C632\" alt=\"Bitcoin holdings\" width=\"885\" height=\"632\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFFDvzSbQAA3z9c.png?w=885 885w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFFDvzSbQAA3z9c.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFFDvzSbQAA3z9c.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFFDvzSbQAA3z9c.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFFDvzSbQAA3z9c.png?w=120 120w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFFDvzSbQAA3z9c.png?w=350 350w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/GFFDvzSbQAA3z9c.png?w=750 750w\" sizes=\"(max-width: 885px) 100vw, 885px\"><figcaption id=\"caption-attachment-572347\" class=\"wp-caption-text\">Bitcoin holdings | Source: X @thomas_fahrer<\/figcaption><\/figure>\n<p>Alex Thorn, head of research at Galaxy, commented on the potential implications for BTC\u2019s price trajectory, especially in relation to ETH: \u201cWith Grayscale outflows appearing to slow down and other Bitcoin ETF flows remaining positive, I&#8217;m curious about the future direction of the ETHBTC cross. A lower trajectory seems like the path of least resistance in the near term.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">with grayscale outflows seeming to abate and other <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> etf flows now appearing holding positive, i\u2019m again wondering where the ETHBTC cross is headed. lower again feels like the path of least resistance near-term <a href=\"https:\/\/t.co\/DVPi1pdWP0\" rel=\"nofollow\">pic.twitter.com\/DVPi1pdWP0<\/a><\/p>\n<p>&mdash; Alex Thorn (@intangiblecoins) <a href=\"https:\/\/twitter.com\/intangiblecoins\/status\/23962453?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 30, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This confluence of ETF inflows, decreasing outflows from Grayscale, and the anticipation of the upcoming Bitcoin halving are creating a unique bullish market environment. However, at press time, BTC is trading below a key resistance at $43,444.<\/p>\n<figure id=\"attachment_572359\" aria-describedby=\"caption-attachment-572359\" style=\"width: 3628px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-572359 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-30_13-35-29.png?resize=3628%2C1672\" alt=\"Bitcoin price\" width=\"3628\" height=\"1672\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-30_13-35-29.png?w=3628 3628w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-30_13-35-29.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-30_13-35-29.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-30_13-35-29.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-30_13-35-29.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-30_13-35-29.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-30_13-35-29.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-30_13-35-29.png?w=1140 1140w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-30_13-35-29.png?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-572359\" class=\"wp-caption-text\">BTC price hovers below key resistance, 4-hour chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/qlUjTHY0\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin market is currently experiencing a turning point, largely driven by recent trends in Bitcoin exchange-traded funds (ETFs). Yesterday, Bitcoin&#8217;s price rose above $43,000, a movement closely tied to changing dynamics in ETF inflows and outflows, particularly involving the Grayscale Bitcoin Trust (GBTC). On January 29, (Bitcoin ETF Day 12), a notable shift occurred. The Bitcoin spot ETFs witnessed a substantial net inflow of US$255 million, while Grayscale&#8217;s GBTC experienced a significant net outflow of $191 million. The other nine ETFs, led by Fidelity and BlackRock, saw a combined net inflow of $446 million, making it the third-highest inflow day for Bitcoin ETFs. New All-Time High Until Bitcoin Halving? This scenario of high inflows and reduced outflows from Grayscale&#8217;s GBTC presents an intriguing change from previous days, where GBTC outflows dominated and weighed heavily on the market sentiment. Crypto analyst @WhalePanda, who&#8217;s part of the \u201cMagical Crypto Friends\u201d YouTube channels (along with Samson Mow, Charlie Lee, and Riccardo Spagni), commented on this development, stating, \u201cNet inflow of $250 million in a day is crazy. That&#8217;s 5800 Bitcoin being removed from the market in just one day.\u201d He highlighted the significance of this volume, especially when compared to the daily Bitcoin mining rate of 900 BTC. MicroStrategy bought $615 million BTC between November 30 and December 26. Related Reading: Glassnode Co-Founder Warns: Bitcoin\u2019s Surge Could Trigger A $1 Billion Liquidation Event \u2013 Here\u2019s Why While WhalePanda acknowledged that inflows will slow down one day, he expects this to happen later on. \u201cThe increased price is driving more exposure, leading to more inflows, which in turn pushes the price even higher. This is a classic example of the bull cycle flywheel mechanics at play, even before the halving,\u201d he remarked. The renowned crypto expert further elaborated that \u201cthe amount of Bitcoin float will significantly drop over the next couple of days and once the price starts moving with limited supply left&#8230; Things can go crazy. No, not $1 million crazy. Crazy for me is breaking ATH before halving.\u201d Related Reading: This Banking Giant Files For Bitcoin ETF Application In Hong Kong In a separate post on X, @WhalePanda expressed his outlook for the week, \u201cThis is going to be a big week for #Bitcoin. With GBTC outflows decreasing and a strong inflow day last Friday, we might be seeing the beginning of a new trend.\u201d He emphasized the potential of this momentum to become a self-fulfilling prophecy, driving Bitcoin&#8217;s price higher. Spot BTC ETFs Remain The Focus Thomas Fahrer, co-founder of Apollo Sats, added context to these massive spot BTC figures, noting, \u201cThe 9 New ETFs hold more BTC than Tether, Tesla, Block, and all of the Public Miners combined. Soon they will surpass MSTR, and later even GBTC.&#8221; Alex Thorn, head of research at Galaxy, commented on the potential implications for BTC\u2019s price trajectory, especially in relation to ETH: \u201cWith Grayscale outflows appearing to slow down and other Bitcoin ETF flows remaining positive, I&#8217;m curious about the future direction of the ETHBTC cross. A lower trajectory seems like the path of least resistance in the near term.\u201d with grayscale outflows seeming to abate and other #bitcoin etf flows now appearing holding positive, i\u2019m again wondering where the ETHBTC cross is headed. lower again feels like the path of least resistance near-term pic.twitter.com\/DVPi1pdWP0 &mdash; Alex Thorn (@intangiblecoins) January 30, 2024 This confluence of ETF inflows, decreasing outflows from Grayscale, and the anticipation of the upcoming Bitcoin halving are creating a unique bullish market environment. However, at press time, BTC is trading below a key resistance at $43,444. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":572310,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,8856,679,1119,1122,1144,7558,7523,84647],"class_list":["post-572305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-halving","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd","tag-gbtc","tag-grayscale","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Could Hit New All-Time High Before Halving<\/title>\n<meta name=\"description\" content=\"The Bitcoin market is currently experiencing a turning point, largely driven by recent trends in Bitcoin exchange-traded funds (ETFs). 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. 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