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Bitcoin price should be 'well supported' by institutional players in the months ahead: Coinbase report
In a report issued Friday, Coinbase analysts outlined factors that could act as a support for bitcoins price dynamics over the coming months.
"We believe bitcoin should remain well supported in the next three to six months, as more institutional players adjust to the new ETF reality," Coinbase analysts said.
Coinbases Weekly report highlighted recent net inflows into the eleven existing U. S. spot bitcoin ETFs as an indication of how institutional participation could serve as a significant supporting factor for bitcoin price dynamics.
"We have seen tremendous net inflows, totaling an impressive over $4. 2 billion year-to-date," the Coinbase analysts added.
The Blocks Data Dashboard shows daily fund flows have remained net positive for over two weeks. On Wednesday, BlackRocks iShares Bitcoin BTC -0. 52% Trust (IBIT) fund experienced its largest daily inflow, amounting to $493. 12 million.
The Coinbase report drew parallels between the newly launched bitcoin funds and historical flows into Gold ETFs. "Looking more broadly at the ETF landscape, the net inflows for bitcoin ETFs have surpassed those attracted by State Streets SPDR Gold Shares ETF in its first month, which is now historically one of the most successful ETF launches on record," the report added.
According to Bloomberg, BlackRock’s IBIT and Fidelity’s Wise Origin Bitcoin Fund (FBTC) are "among the top 0. 1% when it comes to new ETF launches, out of the about 5,500 that took place over the past 30 years. "
The Coinbase analysts also underscored data indicating bitcoin has found strong support at its 100-day moving average. Finding support at a moving average is seen as a positive signal, indicating that the assets price has historically been supported at this level, and it may serve as a point of interest for traders looking to enter or exit positions.
Bitcoins price appreciation comes despite a resurgent U. S. dollar index (DXY). Historically, a stronger dollar has typically disincentivized investment in risk assets, such as bitcoin.
During periods of a strengthening DXY, investors may be drawn to higher yields or lower volatility in dollar-denominated assets, making them more attractive than riskier options like bitcoin and tech stocks.
Since the beginning of February the DXY has increased by almost 3%. In the same period, bitcoin has surged by almost 24%.
The largest digital asset by market capitalization was changing hands for $52,242 at 11:25 a. m. ET, according to The Blocks Price Page. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, slipped 0. 26% to 112. 36, in the past 24 hours.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
