Bitcoin Wallet Distribution Shifts Amid ETF Adoption, Bitcoin To Hit 63,000 By March 2024

Recent data highlights significant shifts in the distribution of Bitcoin across various sized on-chain wallets, coinciding with the increasing popularity of ETFs.

According to insights from Santiment feeds, the past 30 days have seen notable changes:

– There has been a 7.4% increase, equating to 147 more wallets, holding at least 1,000 BTC compared to the previous month.

– Conversely, there has been a reduction of 509,000 wallets holding less than 1 BTC, marking a 1.0% decrease.

– Similarly, there are now 1,237 fewer wallets holding 1-1,000 BTC, reflecting a 0.1% decline compared to last month.

Meanwhile, data from SoSoValue indicates significant activity within Bitcoin spot ETFs on February 22:

– Net inflows of $251 million were recorded into Bitcoin spot ETFs.

– The Grayscale ETF GBTC experienced a net outflow of $55.67 million in a single day.

– Fidelity’s ETF FBTC witnessed net inflows of $158 million on the same day and a total of $4.05 billion in net inflows over recent years.

– BlackRock’s ETF IBIT saw a net inflow of $125 million in a single day, accumulating a historical net inflow of $5.74 billion.

Bitcoin Outlook Sets At 63,000 By March, According To Recent Predictions

A recent analysis by Matrixport suggests a bullish outlook for Bitcoin, projecting a target price of $63,000 by March 2024.

Several catalysts are anticipated to drive this surge:

– Factors such as the U.S. presidential election, Bitcoin halving events, approval of Bitcoin spot ETFs, and expectations of interest rate cuts following the Fed’s FOMC meetings are all contributing to this optimistic forecast.

As Bitcoin continues to evolve within the broader financial landscape, these shifts in wallet distribution and ETF adoption underscore the evolving dynamics shaping the cryptocurrency market. Investors and analysts alike are closely monitoring these trends as Bitcoin’s trajectory unfolds in the coming months and years.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: designer491/123RF // Image Effects by Colorcinch


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