Bitcoin will rise in 2023. About 1 million BTC held by the mysterious founder "Satoshi Nakamoto" has experienced a significant increase in floating profit, rising from US$16.53 billion in December 2022 to US$42.59 billion. An increase of US$26.05 billion compared with 2022. This makes Satoshi Nakamoto one of the biggest beneficiaries.
At the same time, Cathie Wood said in an interview with CNBC that there are signs that the Bitcoin spot ETF will be approved in January 2024, and she is very optimistic about this. She believes that the approval of BTC spot ETF will have a positive impact on institutions entering the crypto field, providing investors with diversified investment opportunities, and emphasizes that Bitcoin can be used as an investment tool to hedge against inflation and deflation.
However, total cryptocurrency investment fell sharply in 2023, falling by as much as 68% to $10.6 billion, a 60% decrease from $33.2 billion in 2022 and the lowest since 2020. Despite the overall market weakness, Coinbase Ventures expressed optimism about the future, anticipating increased activity in 2024. The company will continue to invest in crypto infrastructure, social, gaming and other areas, and seek to expand support for the Base team through the Base Ecosystem Fund.
Market traders are evaluating the prospect of a Bitcoin spot ETF being approved. Bitcoin is up 156% in 2023, driven in part by investor bets that ETFs will drive demand for Bitcoin. The key question, however, is whether the actual approval of these products will trigger profit-taking, especially with uncertainty surrounding market interest in planned spot Bitcoin ETFs from the likes of BlackRock and Fidelity.
Overall, I personally believe that the approval of ETF is a positive factor. The bull market has indeed started. It is expected that as more large capital pours into the crypto market, the market will heat up further in 2024.
