đ Bitcoin (BTC) is soaring high, recently surpassing $50,000 and currently trading above $51,900! đ Analysts from CryptoQuant attribute this rise to the high demand from recently approved spot Bitcoin ETFs. đ
A whopping 75% of new money invested in BTC is coming from these ETFs, excluding Grayscale's GBTC. As a result, Bitcoin's market cap has touched $1 trillion, with the realized capitalization reaching $454 billion, just below its all-time high of $468 billion from April 2022. đ€Ż
This surge in realized capitalization signals demand ahead of major catalysts like the upcoming Bitcoin halving in April, indicating a bullish outlook for the mid-term. đ
New money flowing into Bitcoin is growing at the highest annual rate since mid-2022, with the realized cap increasing by $71 billion in the past year. This suggests rising investment flows and a potential surge in BTC's price. đ
CryptoQuant's short-term price target for BTC is $56,000, based on the network activity valuation. The Metcalfe Price Valuation Band, which evaluates BTC's price based on active user addresses, supports this target level. đŻ
As unrealized profit margins are still low (around 17%), BTC's price has room to increase further. So, keep your eyes on the prize and watch BTC continue to make waves! đ
