Over the previous 5 days, Bitcoin (BTC), the main cryptocurrency, has skilled a interval of heightened volatility, triggering important liquidations of leveraged positions as its worth fluctuated wildly in hours.
After reaching an all-time excessive of $73,750 on Thursday, BTC skilled a sharp decline to $64,600 on Sunday. On Monday, firstly of the buying and selling week, the cryptocurrency recaptured the $68,000 degree. Nonetheless, it retraced over 2% shortly after, settling across the $66,800 mark.
Amidst this turbulent market exercise, Binance Chief Govt Officer Richard Teng, as reported by Bloomberg, believes that Bitcoin’s record-breaking rally will persist, propelling its worth past $80,000.
Binance CEO Bullish On Bitcoin
Teng attributes this anticipated surge to the growing inflow of institutional funding into the newly accepted spot Bitcoin exchange-traded funds (ETFs), buying and selling for simply over two months. The introduction of Bitcoin ETFs in the US earlier this 12 months has attracted important consideration from institutional traders, leading to new inflows.
Talking at an occasion in Bangkok on Sunday, Teng acknowledged that he initially estimated Bitcoin to hover round $80,000 by the top of the 12 months. Nonetheless, he now envisions the cryptocurrency surpassing that milestone resulting from lowered provide and sustained demand.
Teng emphasised that his forecast represents his viewpoint and acknowledged that the rally is not going to be linear. He believes the market’s ups and downs will in the end profit the complete ecosystem.
Lastly, Teng highlighted the continued influx of funds into US spot Bitcoin ETFs since their approval in January. He expects extra establishments and household places of work to extend their allocations to Bitcoin ETFs shortly.
Richard Teng assumed the CEO function after Binance co-founder Changpeng Zhao (CZ) stepped down in November following Binance’s $4.3 billion settlement with US authorities.
Digital Asset Inflows Skyrocket
In a latest weblog post, digital asset funding firm CoinShares introduced that digital asset funding merchandise skilled a file weekly influx, reaching $2.9 billion final week.
This surpasses the all-time excessive of $2.7 billion set the earlier week. Moreover, these inflows carry the year-to-date (YTD) complete to a formidable $13.2 billion, surpassing the entire inflows for all of 2021, which have been $10.6 billion.
Buying and selling volumes for the week amounted to $43 billion, matching the earlier week’s file and accounting for 47% of the general world Bitcoin volumes.
Throughout this era, world exchange-traded merchandise (ETPs) crossed the milestone of $100 billion for the primary time. Nonetheless, because of the price correction in direction of the top of the week, the entire settled at $97 billion.
Regionally, the US witnessed substantial inflows of $2.95 billion, whereas minor inflows have been noticed in Australia, Brazil, and Hong Kong, amounting to $5 million, $24 million, and $15 million, respectively.
Conversely, Canada, Germany, Sweden, and Switzerland skilled mixed outflows of $78 million throughout the identical week. However, the 12 months has seen outflows of $685 million up to now.
Bitcoin dominated the inflows final week, securing $2.86 billion and accounting for 97% of all inflows year-to-date. Curiously, quick Bitcoin positions witnessed their largest inflows in a 12 months, totaling $26 million, marking the fifth consecutive week of elevated curiosity on this space.
Featured picture from Shutterstock, chart from TradingView.com
