Connect with us

Hi, what are you looking for?

Economy

Bitcoin ETFs Soar to $10B AUM & BTC Trades at $48.5K

Bitcoin ETFs Soar to $10B AUM & BTC Trades at $48.5K

Bitcoin trades near $48,500, maintaining a bullish trajectory.
Bitcoin ETFs hit a $10 billion milestone in assets under management within a month post-approval.

Bitcoin continues its bullish journey, trading near $48,500, as the cryptocurrency market witnesses a significant shift in marketing strategies. Kraken’s decision to forgo advertising at Super Bowl LVIII signifies a departure from the industry’s previous emphasis on broad, hype-driven exposure. This shift toward educational outreach is part of a broader trend. Consequently, it should help establish long-term legitimacy and foster the global adoption of cryptocurrencies. The absence of Bitcoin ETF advertisements at such high-profile events indicates a nuanced approach that prioritizes sustainable growth over immediate visibility.

ETFs Attract $2.7 Billion, BlackRock’s IBIT Leads

Within just a month of approval, Bitcoin ETFs have achieved an impressive milestone, amassing $10 billion in assets under management. This success was driven by substantial net inflows into nine ETFs, totalling $2.7 billion, with BlackRock’s IBIT fund leading at $4 billion. Despite $6.3 billion in withdrawals from Grayscale’s GBTC, the ETF market has shown resilience. These developments highlight the increasing confidence in Bitcoin’s potential to surpass traditional assets like gold.

BTC Dips to $47,890; Eyes Key Resistance Levels

Despite a slight retreat to $47,890, reflecting a 0.86% decrease over 24 hours. Indeed, BTC’s price action remains a focal point for investors. The cryptocurrency now confronts immediate resistance levels at $49,441, $50,290, and $51,288, which are crucial for reversing the bearish trend. Furthermore, support levels at $47,127, $46,236, and $45,259, along with the 50-day EMA at $45,062, serve as essential fallback points. The technical analysis suggests that Bitcoin is navigating under pressure, with a potential extension of its bearish correction if it remains below the $48,850 mark, looking for support near $47,125.

The combination of strategic marketing shifts and robust ETF growth, along with detailed technical analysis, provides a comprehensive overview of Bitcoin’s current market dynamics. The emphasis on educational outreach, long-term legitimacy, positive investment flows, and technical resilience offers a hopeful outlook for Bitcoin’s future.

The post Bitcoin ETFs Soar to $10B AUM & BTC Trades at $48.5K appeared first on FinanceBrokerage.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Enhancing and Broadening Managed Connectivity Solutions Across the Americas. OptConnect, a longtime leader in managed wireless services, today announced it has acquired Latin America-based...

    Stock

    Honda said on Tuesday it was recalling 750,000 vehicles in the United States over a defect involving air bags which could deploy unintentionally during...

    Editor's Pick

    CSL, Critical IoT Connectivity experts, announce the launch of CSL Satellite. CSL Satellite provides Critical Connectivity to remote or challenging environments, where mobile or...

    Stock

    Cruise, the driverless car company owned by General Motors is back in the spotlight after another close call with a pedestrian. The California DMV...

    Disclaimer: Financetimereport.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Financetimereport.com