Bitcoin (BTC) has defied analysts’ expectations, surging over 8% this week while many were calling for weeks of consolidation. While at it, Bitcoin Minetrix has raised more than $10.5 million in its presale.

Whale accumulation sparks Bitcoin rally

One analyst notes that the current Bitcoin uptick is because of whales accumulating

Meanwhile, Bloomberg Analyst James Seyffart reported net spot Bitcoin ETF inflows of $1.8 billion on Feb. 8, pushing the total assets under management (AUM) to $29 billion.

In a follow-up post, James speculated that Grayscale’s GBTC will see net inflows on Feb. 9, following heavy selling in recent weeks.

Grayscale’s selling has tapered off recently, enabling the positive effects of ETF inflows to bolster price.

These two factors show institutional money is powering the recent surge, likely led by optimism in the broader U.S. stock market.

Market data shows the S&P500 recently broke the 5,000 level for the first time ever. This move benefits a broader spectrum of risk-on assets, including Bitcoin.

Meanwhile, Coinglass data shows that Bitcoin’s open interest-weighted funding rate remains at 0.011%, levels seen below $35K in October 2023.

This suggests the recent rally is led by spot buying from whales rather than speculati

Go to Source to See Full Article
Author: Guest Post

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details