While the amount of Bitcoin held in exchanges has fallen to its lowest levels in the last 6 years, spot Bitcoin ETF inflows have accelerated. According to CryptoQuant’s data, there are only 2.8 million BTC on centralized exchanges, and while BTCs on exchanges are decreasing, inflows to spot Bitcoin ETFs traded in the US appear to be increasing. This shows that investors still trust Bitcoin and the bull run can continue.
Bitcoin is currently trading at $62,018 and if it can stay above $62K, it could test to reclaim $63K in the coming sessions. Frankly, I still believe Bitcoin will hit a new ATH in 2024 so I'll continue to hold it. We'll wait and see.
This is not investment advice, please do your own research before investing.
