• A CoinShares advisor believed the current bull rally could push Bitcoin to its ATH.
• Pent-up demand for ETFs can contribute to more price increases.

Bulls just had a field day as Bitcoin (BTC) recorded a high of $64,000 on the 28th of February. On Bloomberg TV, Meltem Demirors, Chief Strategy Officer of CoinShares, described the bullish rally as:

“The most hated rally because we were not ready for it.”

The rally began in November 2023, defying expectations of a sell-off following the launch of a highly anticipated Bitcoin exchange-traded fund (ETF).

Demirors attributed the price increase to the significant demand created by the ETF, which is absorbing 10,000 BTC per day, compared to the daily mining rate of only 900 coins. 

She predicted the next key target to be the all-time high (ATH) of $69,000, showcasing optimism for Bitcoin’s continued growth in 2024.

ETF market holds unexploited potential

The introduction of Bitcoin ETFs has opened new avenues for investors, with Demirors noting over $20 billion of inflows into these ETFs in the past two months alone.

Despite some outflows on the Grayscale side, the net inflows stood at a staggering $10 billion at press time.

The daily trading volume of Bitcoin ETFs has also reached new heights, with a record of around $2.5 billion traded in a single day, putting it on par with some of the largest U.S. equitie

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Author: Kamina Gilani

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