Bitcoin price hits $73K as BTC spot ETFs edge closer to overtaking Gold ETFs in AUM
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Bitcoin price tagged the $73,000 threshold on Wednesday amid rising momentum from an unrelenting buyer community.
BTC could make it to the $80,000 psychological level with the halving just over five weeks out.
Bitcoin ETF AUM reaches $58.7 billion, about 58% away from Gold ETFs’ $98 billion in total assets.
Bitcoin (BTC) price has progressively forged north for the past several weeks, breaking past key barriers and inspiring bullish optimism among community members. The driving narrative remains exchange-traded funds (ETFs) even though the April BTC halving is a growing factor.
Bitcoin spot ETFs edge closer to overtaking Gold ETFs in AUM
While Bitcoin price is fluctuating up and down, it continues to maintain a northbound directional bias. It comes as the Cryptocurrency Fear and Greed Index remains at 81, signifying extreme greed, likely because traders do not want to miss out on the action.
Two themes continue to drive the market. First, anticipation for the BTC halving, around 39 days away, is expected to kick off the next bull cycle. Second, the ongoing ETF narrative has not let up. The latest investment product is lauded for bringing BTC to Wall Street and driving a wave of institutional interest into the market.
Data according to Kaiko Research shows that the depth of liquidity in the BTC market, as measured by the value of exposure in order books within 2%, reached a record $600 million, with the number of bids significantly exceeding the number of asks. This points to profit-taking among traders as Bitcoin price continues to record higher highs. Nevertheless, the data also pointed to persistent refinancing rates, showing that the demand for BTC remains high.
Recent reports ascribe this growing demand to institutional and retail interest in spot BTC ETFs, with data showing that this investment product is steadily gaining ground on Gold ETFs in assets under management (AUM).
With BTC ETFs recording almost $60 billion in AUM, their Gold counterparts stand around $98 billion, putting the former just about 58% away in just eight weeks since the investment product hit the market. If the pace sustains, Bitcoin could flip Gold ETFs in a few months.
Eric Balchunas, an ETF specialist with Bloomberg Intelligence, believes all 10 BTC ETFs will do so. The lowest-ranked Bitcoin ETF in terms of AUM, WisdomTree’s BTCW, manages a healthy $74 million and ranks among the top 15% of the 108 ETFs launched in 2024.
Bitcoin price outlook as spot BTC ETFs lead crypto market
Bitcoin price is not showing any signs of stopping as the bulls seize every correction as a “buy-the-dip” opportunity. With such a record of accomplishment, BTC price has managed to record new peaks, topping out at $73,650 on Binance against the Tether (USDT) stablecoin.
Nevertheless, all roads seem to lead north as BTC bulls continue to flock to the scene. The three technical indicators shown in the weekly chart below suggest this. First, the Relative Strength Index (RSI) is climbing to show rising momentum. The bulls also maintain a strong presence in the BTC market, seen with the large growing volumes of green histogram bars that remain in positive territory. Moreover, the bullish trend appears to be gaining strength, seen with the growing volume indicator.
An increase in buying pressure could see Bitcoin price reclaim the $73,000 level. Further north, the pioneer cryptocurrency could tag the $75,000 milestone, or in a highly bullish case, extrapolate to tag the $80,000 psychological level. This would denote a 10% climb above current levels.
BTC/USDT 1-week chart
On the other hand, if traders begin to cash in on the gains made so far, Bitcoin price could retract. Investors looking to short BTC should wait for a break and close below the $64,044 mean threshold, the midline of the supply zone extending from $62,278 to $65,618. A flip of the bullish breaker (formerly supply zone) from support to resistance could see BTC provide another buying opportunity around the $60,000 psychological level.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
