Last week, Bitcoin broke 40.000 $ for the first time in 1.5 years, marking a significant turning point in the general crypto interest as we pointed out in this article three weeks ago.
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Despite global uncertainty as to if we are going to have a soft or hard landing, Bitcoin investors are fuelled up with confidence heading into Christmas as multiple spot Bitcoin ETFs seem more and more likely for each passing day. This led to a massive net inflow of 50 billion dollars going into Bitcoin last week.
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The importance of potentially having multiple spot Bitcoin ETFs issued by the biggest financial institutions in the world such as Blackrock, Fidelity and Grayscale cannot be stated enough. These institutions manage trillions of dollars in wealth and will give both professional and retail investors in the major capital markets of the world a much easier access to Bitcoin and other digital assets. Factor in the positive sentiment in regards to Bitcoin spot ETFs from the Head of the Securities and Futures Commission of Hong Kong and all of a sudden, Asia may also very well be taking part in this digital transformation.
Though this note must be read with great caution, rumours also emerged late last week about Qatar`s Sovereign Wealth Fund looking into obtaining a sizeable exposure to Bitcoin. These rumours remains unconfirmed, but at the very least it did affected the price action of Bitcoin in a positive way. As we have stated before, one can nonetheless almost sense FOMO among both government and private institutions when it comes to acquiring Bitcoin. Unlike fiat currencies, the supply cannot be manipulated and it seems an increasing amount of retail and institutional investors are beginning to realize this.
Lastly, Bitcoin was priced at 40.000 dollars 1.5 years ago, but be that as it may, that was late-cycle and it was headed into a nose dive, bottoming out close to 15.000 dollars. The last time Bitcoin crossed 40.000 dollars on the upside however, in february of 2021, a bull market was on our hands so this is something many crypto investors keeps fresh in mind.
This text is intended to inform and is not an investment recommendation.