The cryptocurrency industry has recorded increased cash inflows over the past few weeks fueled by the spot Bitcoin exchange-traded funds (ETFs) approval in the United States.
The cryptocurrency investment scene has witnessed a substantial influx of funds, totaling an impressive $1.18 billion since the approval of spot Bitcoin ETFs, according to data from CoinShares. Bitcoin takes the lead in this financial uptick, attracting an investment of $1.16 billion.
Ethereum follows suit with a noteworthy $26 million, while Ripple-backed XRP secures $2.2 million. These figures provide a clear snapshot of market dynamics as investors gear up for the much-anticipated macro bull market in the upcoming quarters.
Profits and Possibilities
As cryptocurrency prices rebound from the bear market, on-chain data analysis from market intelligence platform Santiment reveals a noteworthy trend. The majority of investors find themselves in profitable positions, potentially leading to increased selling pressure.
Currently, 83 percent of Bitcoin supply is in a profitable state, closely trailed by Ethereum at 84 percent and XRP at 81 percent. While a higher percentage in profit traditionally suggests an impending market correction, the robust demand for digital assets indicates resilience that could defy such expectations.
Also Read: Good News, Bulls! Top Analyst Predicts 2 Bitcoin Peaks, Altcoin Explosion in 2024-25
Market Predictions: Is An Upside Coming?
Drawing insights from Bitcoin’s MVRV pricing band, the market is buzzing with anticipation for the next price targets. Should the BTC bulls successfully defend the support level at $42,000, the range of $52,680 to $70,250 becomes the next focal point. Simultaneously, scrutiny of the TOTAL2 market cap suggests an imminent altcoin breakout on the horizon.
Now, Bitcoin’s dominance has slipped below the critical 52 percent support level, hinting at an unavoidable rotation of cryptocurrency assets.
Read More: When Will Bitcoin Price Hit $1Million- Analyst Predicts Timline
