Analyst: The U.S. spot Bitcoin ETF is a "game changer," providing stable and recently accelerated demand for BTC

Bitget2024/03/01 00:17

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Bitcoin's cumulative increase in February was 44%, the largest monthly increase since December 2020, according to market analysis posted on X by Alex Thorn, research director at Galaxy Company. He believes that the US spot Bitcoin ETF is a "game changer", providing stable and recently accelerated demand for BTC. Meanwhile, about 75% of Bitcoin supply is held by long-term holders who are so far unwilling to sell Bitcoin at recent price levels.

Analysts from IntoTheBlock pointed out that the on-chain transaction volume on the Bitcoin network and retail interest in cryptocurrencies are still far below previous peak levels. Cryptocurrency analytics firm Swissblock predicts that Bitcoin's current upward trend is "just the beginning of future trends."

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Analyst: The U.S. spot Bitcoin ETF is a "game changer," providing stable and recently accelerated demand for BTC

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