We are now officially in phase two of the bull market:
Excitement.
At just over USD 61,000, the price is $BTC (-0.13%) only 11% away from its all-time high in November '21.
This is the phase in which many people realize with astonishment that crypto still exists and Coinbase shoots from position 435 to the top of the App Store charts (current status: #153).
The strong demand on the part of #etfswhich exceeds even the wildest expectations, continues to ensure that significantly more Magic Internet Coins are absorbed than sold.
On Wednesday, they set a new record with net inflows of USD 673.4 million.
Among the ETFs, BlackRocks $IBIT seems to be in a league of its own.
Here are three mind-boggling statistics:
- $IBIT recorded more volume on Wednesday, with $3.3 billion in trading volume, than the $QQQthe largest NASDAQ 100 Index ETF.
- Just seven weeks after its launch, BlackRock's Bitcoin ETF already has nearly $10 billion in assets under management. $GLD (-0.43%)The , the largest gold ETF, took more than two years to reach a comparable volume.
- $IBIT is one of BlackRock's 417 ETFs in the US, but is already responsible for 42% of all net inflows this year.
And even if the volume was somewhat lower yesterday, there is much to suggest that the ETF machinery is still only just starting to heat up.
It was announced yesterday that customers of Bank of America, Merrill Lynch and Wells Fargo can now also invest in ETFs
Rumor has it that Morgan Stanley and UBS will follow suit this month, accelerating their approval process in response to strong demand.
And who knows? Perhaps Vanguard will follow next year at the latest. After all, its CEO Tim Buckley announced yesterday that he would be leaving the world's second-largest asset manager at the end of 2024.
What do you think of the latest run?
Will we break through the all-time high of $BTC (-0.13%)
in the coming days/weeks, or are we in for a major correction first?
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Sources:
https://twitter.com/AP_Abacus/status/1763005940997968017?s=20
