{"id":651216,"date":"2024-11-02T15:00:07","date_gmt":"2024-11-02T15:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=651216"},"modified":"2024-11-02T08:26:38","modified_gmt":"2024-11-02T08:26:38","slug":"bitcoin-etfs-crucial-to-sustain-current-buying-pressure-details","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-etfs-crucial-to-sustain-current-buying-pressure-details\/","title":{"rendered":"Bitcoin ETFs Crucial To Sustain Current Buying Pressure &#8211; Details"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The price of Bitcoin recorded significant leaps in the past month rising by 14.74% according to <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">data from CoinMarketCap<\/a>. During this price rally, the premier cryptocurrency came close to establishing a new market all-time high, reaching a local peak of $73,149 on October 29. Interestingly, CryptoQuant CEO Ki Young Ju has stated a certain condition needed to sustain this price gain.<\/span><\/p>\n<div class=\"related-reading-shortcode\">\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/tracking-bitcoin-profit-cycles-could-a-new-market-high-be-near\/\" target=\"_blank\" rel=\"noopener \">Tracking Bitcoin\u2019s Profit Cycles: Could A New Market High Be Near?<\/a><\/div>\n<\/div>\n<h2><strong>Low Stablecoin Exchange Reserve Provides Need For Bitcoin ETFs<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In a<a href=\"https:\/\/x.com\/ki_young_ju\/status\/55884066\" rel=\"nofollow\"> series of X posts on November 1<\/a>, Ki Young Ju stated that stablecoins currently provide an insufficient amount of liquidity to sustain the present buying pressure on Bitcoin. This observation is particularly important as traders commonly rely on stablecoins to acquire volatile assets such as Bitcoin, due to their fixed dollar value.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Therefore, a higher stablecoin exchange reserve translates into significant potential for an impending price gain via wide-scale purchase. However, According to Young Ju, crypto exchanges currently hold only 21% of the total stablecoin market i.e. $34 billion of $166 billion, as most of these tokens are currently being used for storage or remittances.\u00a0<\/span><span style=\"font-weight: 400\">This development represents a slow rise in the stablecoin exchange reserve of $30 billion recorded in September 2021 during the last bull run, despite a 33% growth in total stablecoin shares in the same period.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Currently, the Bitcoin-to-stablecoin reserve ratio is 6.05, similar to the value seen at the last ATH. Therefore, in order to maintain BTC\u2019s present upward trajectory, Ki Young Ju postulates that the <a href=\"https:\/\/wncen.com\/bitcoin-news\/satoshis-record-at-stake-bitcoin-etfs-could-cross-1-million-btc-today\/\" target=\"_blank\" rel=\"noopener \">Spot Bitcoin ETFs<\/a>, alongside Coinbase USD reserves, have to provide much-needed market liquidity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, the Spot Bitcoin ETFs can be said to be behind Bitcoin\u2019s current rally considering their impressive inflows <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-btc-spot\" target=\"_blank\" rel=\"noopener nofollow\">record of over $5 billion<\/a> in the past three weeks. Of this figure, <a href=\"https:\/\/wncen.com\/bitcoin-news\/blackrocks-bitcoin-etf-reaches-2-of-total-btc-supply-amid-record-inflows\/\" target=\"_blank\" rel=\"noopener \">BlackRock&#8217;s IBIT<\/a> has led the market recording investments of $4.44 billion in this timeframe. <\/span><span style=\"font-weight: 400\">Ki Young Ju states that it is important the Bitcoin ETFs maintain this momentum as a breakdown in pace will reduce buying pressure, especially from brokerage firms such as Coinbase Prime, which may result in Bitcoin falling back into consolidation.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-faces-fifth-consecutive-rejection-at-72000-is-another-correction-coming\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Faces Fifth Consecutive Rejection At $72,000, Is Another Correction Coming?<\/a><\/div>\n<h2><strong>Bitcoin Price Overview<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin was trading at $69,608 reflecting a 1.32% loss in the last 24 hours. However, the asset\u2019s trading volume is up by 25.61% and is valued at $51.56 billion.<\/span><\/p>\n<p>For the premier cryptocurrency, a return to above $73,000 remains much on the card, especially with the potential of sustained ETF flows and the upcoming US elections. If pro-crypto Donald Trump secures a victory on the ballot, Bitcoin should definitely establish a new all-time high with expectations of <a href=\"https:\/\/wncen.com\/news\/bitcoin\/how-to-trade-bitcoin-during-the-us-election\/\" target=\"_blank\" rel=\"noopener \">reaching $90,000-$100,000<\/a> at the end of 2024.<\/p>\n<figure style=\"width: 1480px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/VKM710XI\/\" alt=\"Bitcoin\" width=\"1480\" height=\"893\"><figcaption class=\"wp-caption-text\">BTC trading at $69,696 on the daily chart | Source: BTCUSDT chart on Tradingview<\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><em>Featured image from Nairametrics, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The price of Bitcoin recorded significant leaps in the past month rising by 14.74% according to data from CoinMarketCap. During this price rally, the premier cryptocurrency came close to establishing a new market all-time high, reaching a local peak of $73,149 on October 29. Interestingly, CryptoQuant CEO Ki Young Ju has stated a certain condition needed to sustain this price gain. Related Reading: Tracking Bitcoin\u2019s Profit Cycles: Could A New Market High Be Near? Low Stablecoin Exchange Reserve Provides Need For Bitcoin ETFs In a series of X posts on November 1, Ki Young Ju stated that stablecoins currently provide an insufficient amount of liquidity to sustain the present buying pressure on Bitcoin. This observation is particularly important as traders commonly rely on stablecoins to acquire volatile assets such as Bitcoin, due to their fixed dollar value. Therefore, a higher stablecoin exchange reserve translates into significant potential for an impending price gain via wide-scale purchase. However, According to Young Ju, crypto exchanges currently hold only 21% of the total stablecoin market i.e. $34 billion of $166 billion, as most of these tokens are currently being used for storage or remittances.\u00a0This development represents a slow rise in the stablecoin exchange reserve of $30 billion recorded in September 2021 during the last bull run, despite a 33% growth in total stablecoin shares in the same period. Currently, the Bitcoin-to-stablecoin reserve ratio is 6.05, similar to the value seen at the last ATH. Therefore, in order to maintain BTC\u2019s present upward trajectory, Ki Young Ju postulates that the Spot Bitcoin ETFs, alongside Coinbase USD reserves, have to provide much-needed market liquidity.\u00a0 Notably, the Spot Bitcoin ETFs can be said to be behind Bitcoin\u2019s current rally considering their impressive inflows record of over $5 billion in the past three weeks. Of this figure, BlackRock&#8217;s IBIT has led the market recording investments of $4.44 billion in this timeframe. Ki Young Ju states that it is important the Bitcoin ETFs maintain this momentum as a breakdown in pace will reduce buying pressure, especially from brokerage firms such as Coinbase Prime, which may result in Bitcoin falling back into consolidation. Related Reading: Bitcoin Faces Fifth Consecutive Rejection At $72,000, Is Another Correction Coming? Bitcoin Price Overview At the time of writing, Bitcoin was trading at $69,608 reflecting a 1.32% loss in the last 24 hours. However, the asset\u2019s trading volume is up by 25.61% and is valued at $51.56 billion. For the premier cryptocurrency, a return to above $73,000 remains much on the card, especially with the potential of sustained ETF flows and the upcoming US elections. If pro-crypto Donald Trump secures a victory on the ballot, Bitcoin should definitely establish a new all-time high with expectations of reaching $90,000-$100,000 at the end of 2024. Featured image from Nairametrics, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":651217,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,83940,1144,78790,89583,93315],"class_list":["post-651216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-exchange-reserve","tag-btcusd","tag-btcusdt","tag-spot-bitcoin-etfs","tag-stablecoin-exchange-reserve"],"acf":[],"yoast_head":"\n<title>Bitcoin ETFs Crucial To Sustain Current Buying Pressure - Details<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin recorded significant leaps in the past month rising by 14.74% according to data from CoinMarketCap. 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. 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