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The Bitcoin price has pumped 21% in the last month amid massive inflows into Bitcoin ETFs with the crypto king trading at $51.7K as of 2:30 a.m. EST.
The surge comes as analyst Ali Martinez on X notes a decline in the daily creation of Bitcoin addresses, indicating that institutions are driving the recent rally as retail traders take more of a back seat.
As the price of #Bitcoin increases, there's a noticeable decline in the creation of new $BTC addresses daily.
This trend points towards a lack of retail participation in the current #BTC bull rally, suggesting that the recent price action is primarily fueled by institutional… pic.twitter.com/DVVfcQ20bG
— Ali (@ali_charts) February 16, 2024
In line with this, Bitcoin ETFs (exchange-traded funds) saw net inflows surpassing $2.2 billion between Feb. 12 and Feb. 16, according to Bloomberg Intelligence ETF analyst Eric Balchunas. BlackRock was the biggest recipient, amassing positive inflows of $1.6 billion over the past week.
The 10 bitcoin ETFs netted +$2.3b last week. For context, that is more than any other ETF (out of 3,400) took in. $IBIT alone was #2. This brings total net to +$5b, which is more than BlackRock as a whole has taken in. Again, this is all net GBTC bleed. Throw that out and the… https://t.co/PlxnfQ7ETf pic.twitter.com/04LTixd3Zt
— Eric Balchunas (@EricBalchunas) February 17, 2024
Bitcoin Price Prediction: Bitcoin Showing Breakout Potential
The current Bitcoin trajectory suggests cautiously bullish sentiment, as the price is hovering around the middle BB. The recent squeeze in the bands suggests a period of low volatility, potentially indicating a build-up to a significant Bitcoin price move. The Bitcoin price is also above this SMA (orange line), suggesting a bullish trend in the medium term.
On the other hand, the Money Flow Index’s (MFI) value is below 30, which suggests that Bitcoin might be in an oversold region, potentially signaling a buying opportunity.
Additionallly, according to Coinglass stats, Bitcoin Futures open interest reached the highest level in over two years, surpassing $21 billion, a level last seen in November 2021 when the crypto king achieved its all-time high of almost $70,000. This adds more bullish sentiment as the prospects of history repeating itself fill the air.
3-hour BTC/USD chart | Source: TradingView
Meanwhile, Bitcoin Minetrix, a new cloud mining project, is emerging as a compelling alternative for investors as analysts now rank the project among 2024’s top presale picks. The ICO has so far raised over $11 million out of the targeted $11.85 million, showing massive investor confidence in the project.
A Promising Bitcoin Derivative With The Potential For 100X Gains
Bitcoin Minetrix seeks to reduce the cost and increase the security of Bitcoin cloud mining. Compared to other cloud mining platforms, this one gives entry-level access to cloud mining and allows investors to profit with BTC through its stake-to-mine function.
#BitcoinMinetrix revolutionizes cloud mining by blending stake holding and cloud mining.
Leading the way in tokenized cloud mining with a focus on transparency, independence, and safety, #BTCMTX is committed to offering a dependable route for $BTC mining enthusiasts. 🔄🔨 pic.twitter.com/FaWyl9ZFdW
— Bitcoinminetrix (@bitcoinminetrix) February 18, 2024
Holders of BTCMTX can simply stake their tokens to gain cloud mining credits, which are redeemed in exchange for hash power. Staking BTCMTX coins yields a yearly return of 61%.
BTCMTX token holders are also eligible to take part in an airdrop competition in which 10 fortunate people win $3,000 each.
According to YouTuber and cryptocurrency researcher Jacob Bury, Bitcoin Minetrix has the potential to 100X on launch.
The current price of a BTCMTX token is $0.0135, but there will be a price hike in less than two days. Interested investors should thus act quickly to lock in the lowest price. Users may purchase the tokens by exchanging ETH or USDT on the official BTCMTX website. A bank card is another option.
Visit the official Bitcoin Minetrix page here.
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