#HALVIN BITCOIN # #BTC#

#ETF# #ETH#
Bitcoin could reach $112,000 this year: CryptoQuant
2024-02-12 08:02
BTC | -0.48%
The price of bitcoin (BTC), which is currently around $48,000 (USD), could rise more than 100% from here this year. At least that's what Ki Young Ju, the CEO of on-chain data provider CryptoQuant, believes.

"Bitcoin could hit $112,000 this year driven by ETF inflows," he said.

Spot bitcoin exchange-traded funds (ETFs) in the U.S. have seen inflows of $9.5 billion since their launch just over a month ago. This "could increase realized capitalization by $114 billion per year," the CryptoQuant CEO explained.

Bitcoin's realized capitalization is the total value stored in the coin based on the price of the last time it moved. It is a metric that allows you to see the capital invested in the asset.

Even with the performance of Grayscale (GBTC), the only U.S. spot bitcoin ETF that has seen capital outflows since its launch, bitcoin could appreciate, Ki noted. "An increase of $76 billion could raise realized capitalization from $451 billion to $527-$565 billion," he said.

Below, you can see the increasing amount of bitcoins in ETFs since their launch, with the exception of GBTC. Not counting the latter, they already accumulate more than 190,000 bitcoins.
Source: CryptoNoticias