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Analysis

BTC breaks 50K, analysts see rally continuing.

Leon Waidmann, an analyst at BTC-ECHO, a cryptocurrency-focused media outlet, tweeted from his X (formerly Twitter) account, "According to Glassnode's on-chain data, stablecoin supply has been growing rapidly lately. The crypto rally is here to stay," he said. "The increase in stablecoin supply...

BTC breaks 50K, analysts see rally continuing.

Leon Waidmann, an analyst at BTC-ECHO, a cryptocurrency-focused media outlet, tweeted from his X (formerly Twitter) account, "According to Glassnode's on-chain data, stablecoin supply has been growing rapidly lately. The crypto rally is here to stay," he said. "The increase in stablecoin supply indicates an increase in M2 liquidity in the crypto market. This means that there is a huge influx of new money into the crypto market. It's not like a normal market rally. There is more upside to come, and we can't afford to be left behind.

Meanwhile, Bloomberg Intelligence reports that a month after its launch, the Bitcoin Spot ETF is considered a success in terms of key trading metrics. According to the data, the BTC spot ETF has seen net inflows of $2.8 billion in about 21 trading days. GBTC, the grayscale BTC spot ETF, saw outflows of $6.4 billion, but net inflows into BlackRock IBIT and Fidelity FBTC more than offset the outflows. In particular, IBIT and FBTC saw net inflows of more than $1 billion in just five trading days. "Of the nearly 5,500 new ETFs launched in the past 30 years, IBIT and FBTC rank in the top 0.1% based on volume and liquidity metrics," according to Bloomberg.

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