A historic first month! Here is how the entire economic press describes the first 30 days of existence of the spot Bitcoin ETFs launched on Wall Street on January 10. These eleven financial products are an undeniable commercial success and their growth seems set to last if we are to believe the experts at Coinbase who have just published a report on this subject. A look back in figures at what will remain as one of the most successful launches in the history of finance and which continues to arouse significant interest from large American and international institutional funds. But how long will these traditional finance players push the price of Bitcoin north? Start of response to follow.
The launch of these Bitcoin spot ETFs broke all records
Compared to the launch of the same type of products around the yellow metal, the Spot Bitcoin ETF have simply crushed the competition to position themselves as one of the best startups in thehistory of Wall Street. Extract from the report:
“Looking more broadly at the ETF landscape, net inflows for bitcoin ETFs exceeded those attracted by State Street’s SPDR Gold Shares ETF in its first month and so it is now positioned as one of the world’s leading launches. ‘most successful ETFs ever recorded in history. »
Coinbase Report on the Impact of Spot Bitcoin ETFs on Bitcoin Price – Source: coinbase.com
Bloomberg analysts come to the same conclusion:
“ [les ETF] from BlackRock and Fidelity are among the top 0.1% of ETF launches of the roughly 5,500 that have taken place over the past 30 years. »
Article published by Bloomberg on February 12 – Source: bloomberg.com
Some have even been able to observe a correlation between capital inflows on Bitcoin ETF and the exits which concern ETFs linked to gold! Here, regarding capital flows, is a graph representing those which entered these products over the last rolling month:
For Coinbase, this could maintain upward pressure on Bitcoin
But even more than the success of the last few weeks, Coinbase wondered what the trend in the price of Bitcoin could be for the months to come and their conclusion is resolutely optimistic:
“We believe Bitcoin should remain well supported over the next three to six months as more institutional players adapt to the new ETF reality. »
Coinbase Report on the Impact of Spot Bitcoin ETFs on Bitcoin Price – Source: coinbase.com
As we can see in the graph presented above, these are no less than several hundred million dollars who entered every day into the Bitcoin ETF for a total which today exceeds 4 billion dollars. However, we know that these institutions need to buy bitcoins to be able to sell their associated ETFs and this has the unfortunate tendency to push the price of this asset upwards. Finally, two other indices highlighted by Coinbase also suggest that the price has not finished rising.
This is the rebound on the 100-day moving average which is (in general) a good sign, as is the resistance of the price of Bitcoin in the face of the rise of the dollar. This usually tends to cause the crypto market to fall when it is rising, but this correlation is no longer observed today. For those keen on technical analysis, find our daily update on the crypto market in general and on Bitcoin in particular.