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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Bulls “Warming Up” As Spot ETF Inflows Exceeds $1.3 Billion In 2 Weeks

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Bitcoin price

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Even after the upswing mid-this week, Bitcoin prices remain wavy, considering price action in lower time frames. The coin is retesting $66,000 at spot rates, but traders expect the breakout to have been confirmed, pushing BTC prices toward $70,000.

Since the surge to all-time highs in March, the coin has been on a steady downtrend, as shown in the formation on the daily chart.

BTC Liquidity Is High Despite Accumulation: Analyst

Therefore, as doubt creeps in, Willy Woo, a Bitcoin on-chain analyst, is calming down market participants, saying the coin is preparing for sharp gains in the days ahead.

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Though prices are flat-lining in the daily chart, what’s important to note, Woo says, is the level of liquidity.

Bitcoin risk signal | Source: @woonomic on X
Bitcoin risk signal | Source: @woonomic on X

Sharing a chart on X, Woo emphasized Bitcoin’s position within its liquidity cycle. The Bitcoin liquidity cycle is simply a chart showing the boom and bust periods of the world’s most valuable coin. Every cycle in history is highly influenced by the availability and flow of capital in and out of the asset.

The analyst is upbeat, arguing that though prices are down from all-time highs and appear stuck in a consolidation, the coin is still in a “warm-up” phase. Woo adds that the current consolidation period means the long-term risk is low in light of the relatively high liquidity. 

Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

Comparing the current state of affairs to past price action, the analyst predicts that Bitcoin prices will likely surge. When “the floodgates open” and new capital enters the market, prices will shoot higher, but so will risk.

Bitcoin Uptrend Just Getting Started?

Ki Young Ju, the founder of CryptoQuant, a crypto analytics platform, has supported Woo’s position. To X, Ju said Bitcoin is in the middle of a bull cycle. 

Bitcoin market versus realized caps | Source: @ki_young_ju via X
Bitcoin market versus realized caps | Source: @ki_young_ju via X

To explain this view, the founder noted that Bitcoin’s capitalization has been growing faster than the realized cap. The realized cap is a metric that aims to gauge the total value of all coins in circulation based on the price at which they were last moved.

This trend has persisted for roughly two years historically. If this pattern holds, the bull cycle could end by April 2025.

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Amid this, interest in spot Bitcoin exchange-traded funds (ETFs) appears to be swelling. An ETF analyst, Eric Balchunas, said these derivative products have attracted a net inflow of over $1.3 billion in the last two weeks alone. This uptick effectively offset the negative flows seen in April.

Feature image from DALLE, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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