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On-chain data points to a significant new capital inflow, which could potentially ignite the next Bitcoin parabolic bull run. Bitcoin has surpassed the $73,000 mark with a historic inflow into spot exchange-traded funds (ETFs). This surge has brought a sense of relief to investors following a minor correction earlier this week, indicating that the market is unlikely to fall below $69,000 soon.
Notable Data for Bitcoin Investors
According to an analyst at the blockchain data analytics platform CryptoQuant, the UTXO P/L Supply Ratio, which evaluates the average weekly profit/loss ratio against the yearly average, has observed two significant increases in the last decade. Interestingly, a third increase is currently gaining momentum.
These sudden rises indicate notable shifts in short and long-term profit and loss ratios and historically coincide with periods of market expansion. Such events suggest the beginning stages of a mid-bull rally and potentially lucrative opportunities for investors to benefit from significant profit margins during Bitcoin’s ongoing rally. CryptoQuant CEO Ki Young Ju commented on the matter:
“On-chain data indicates enough fresh capital entry to start the next Bitcoin parabolic bull run.”
ETF Funds and Bitcoin
Bitcoin has reached another peak, and recent research points to a significant increase in investment activities surrounding spot Bitcoin ETFs in the US market. These funds showcased a remarkable performance with a total entry of $1.05 billion on March 12th. Blackrock’s iShares Bitcoin Trust (IBIT) dominated the figures with a record entry of $849 million, followed by ARK 21Shares Bitcoin ETF (ARKB) with $93 million, and VanEck’s HODL with an entry of $82.9 million.
Fidelity’s FBTC spot Bitcoin ETF and Bitwise Bitcoin ETF also saw significant entries of $51.6 million and $24.6 million respectively. Meanwhile, Grayscale’s GBTC fund recorded a decline in outflows, with only $79 million exiting the fund on March 12th.
The ongoing Bitcoin rally is being welcomed as significantly different from previous volatility. Bitcoin has undergone the halving process three times in 2012, 2016, and 2020, each followed by unprecedented high levels. However, deviating from historical trends, Bitcoin has already surpassed its previous peak set in 2021, months before the halving event planned for mid-April. The introduction of spot Bitcoin ETFs in US exchanges is one of the major factors.
