2024-02-28 14:28:00
Nothing seems to stop the curve of bitcoin, the digital asset which is riding on a new financial product in the United States. Since the approval of the American Securities and Exchange Commission (Sec) to authorize eleven funds to market bitcoin ETFs, the price of the decentralized token has increased by 36% in one month. This Wednesday, bitcoin jumped another 5.86%, to $60,160. This is its highest since the end of 2021.
Over one year, while fraud scandals had cooled investors last year, the increase is even more impressive (+147%), according to Bitstamp data.
As a reminder, these new ETFs “ spot » (or spot), only accessible in the United States, offer investors the possibility of placing their money in these funds depending on the performance of this digital asset, without having to directly hold bitcoins.
“Since their launch, spot bitcoin ETFs have accumulated holdings that represent more than 3% of all bitcoins currently in existence. This step highlights the growing trend of institutional investors wanting to gain exposure to bitcoin,” observes Simon Peters, market analyst at the crypto-asset trading platform eToro.
For these managers, it is therefore a question of continuing their purchases by purchasing bitcoin.
Many observers are in fact betting on solid, long-tail growth for bitcoin, driven by ETFs, but also by the “ halving » (halving of the token), a computer process of the Bitcoin blockchain which accentuates its scarcity, and therefore automatically its value.
Bitcoin ETF: crypto exchanges expect to win the day
A sustainable upward trend
“I expect this trend to continue and it is possible that bitcoin will reach a new all-time high (with a price above $69,000) in the coming weeks,” believes Simon Peters.
Paradoxically, the increase in demand is accompanied by a reduction in supply. Investors continue to hold on to their bitcoins rather than spend them. “Currently, 70% of all bitcoins in circulation have not moved in over a year and the quantity readily available for purchase on exchanges is at its lowest level since early 2018”notes eToro once more.
From then on, upward speculation is a given for many companies. Software publisher Microstrategy Inc, for example, announced on Monday that it had purchased an additional 3,000 bitcoins (the equivalent of $155 million at then prices), bringing its total bitcoin holdings to 193,000 bitcoins (around $6.09 billion). dollars).
Bitcoin ETF: “We achieved in one month in the United States what we achieved in five years in Europe” (Marina Baudéan, 21Shares)
At the same time, on Wall Street, the shares of groups in the crypto sector, mainly exchange platforms, are doing well. On the Nasdaq this Tuesday, Coinbase was up +4.89%, Marathon Digital, specializing in crypto mining, at +9.75% and its competitor Riot Platforms at +3.16%.
Ethereum, the second cryptocurrency in terms of valuation, awaiting similar approval for spot ETFs, followed the same progression, up more than 42% over the past month.
(With agencies)
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