Market updates
Bitget Hot Takes (February 12 - February 18, 2024) - Market Updates
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2024-02-20 | 5m
Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements.
The latest Bitget Hot Takes can be found here:
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Market Updates
Central Themes
• Bitcoin back to US$50,000 brought all spot Bitcoin ETFs to their second consecutive green week since their launch.
• The global crypto market cap surpassed US$2 trillion for the first time since April 2022.
• Best new narrative: spot Ethereum ETF this year.
Week 7: Bitcoin Back To US$50,000, Crypto Global Market Cap Back To US$2 Trillion
With the next Bitcoin halving in sight, the flagship
cryptocurrency has been gaining momentum. Volatility after the launch of 11 spot Bitcoin ETFs last month seems to have been going down, and Bitcoin returning to US$50,000 then US$52,000 should continue to draw in new interest via these ETFs. Last week alone, the net flow into spot Bitcoin ETFs amassed to US$2.1 billion, the highest since January. BlackRock and Fidelity are still the most popular investment options, with their W7 net flow being US$1.7 billion and US$1.4 billion, respectively. Least popular is Hashdex's DEFI with a net flow of only US$595,000, but that's still better than Invesco Galaxy and Grayscale's funds, who saw an outflow of US$548 million combined.
It's worth noting that another US$16.4 million has flowed into the 2x leverage Bitcoin fund (BITX), which shows a consistent appetite for leveraged
Bitcoin trading products. Capital flow into ProShares
Short Bitcoin Strategy ETF (BITI) flipped from negative half a million to a positive 866,000, meaning asset managers are allocating a (rather small) portion of their portfolio for hedging. Market sentiment has been, understandably, at greed levels of over 70 since February 09.
It's been almost two and a half years since we last saw Bitcoin at US$52,000 and nearly two years since the global market cap was above the US$2T mark. Institutional adoption and the prospect of a spot Ether ETF approval right this year are fuelling the next bull cycle, alongside the April Bitcoin halving event.
Setting The Tone: Monday Performance
Yesterday was a U.S. Holiday, thus no market signal is to be derived. However, the global market cap kept rising by 0.6% and the two biggest crypto by market cap trading in a real tight range since the weekend can be somewhat helpful for traders to navigate this week's activities.
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