Bitcoin has climbed above $44,000 for the first time since January, and several factors are believed to be behind this price surge.
Bitcoin Whales Accumulate More BTC
- According to crypto analyst Ali Martinez, Bitcoin whales have been actively accumulating more BTC.
- In the past two weeks, around 73 new addresses have acquired 1,000 BTC or more, marking a 3.66% increase.
- This accumulation trend follows a buying spree by whales after Bitcoin dropped below $40,000.
Spot Bitcoin ETFs Gaining Traction
- The launch of Spot Bitcoin ETFs has boosted institutional demand for Bitcoin.
- Asset managers like BlackRock have accumulated a significant amount of Bitcoin to meet this demand.
- Currently, these asset managers hold over 657,000 BTC, representing more than 3% of Bitcoin’s circulating supply.
- Spot Bitcoin ETFs (excluding Grayscale) alone hold about 187,000 BTC and are on track to surpass MicroStrategy’s 190,000 BTC holdings.
Potential Launch of Spot Bitcoin ETFs in Hong Kong
- Hong Kong is considering launching Spot Bitcoin ETFs, with 10 applications submitted to financial regulators.
- This news has generated excitement, similar to the impact of approval rumors in the US last year.
Thailand Removes VAT on Crypto Trading
- Thailand has recently eliminated VAT (Value Added Tax) on crypto trading, further boosting enthusiasm for digital assets in Asia.
At the time of writing, Bitcoin is trading around $44,800, showing a 4.4% increase in the last 24 hours.
