Illustration by Mitchell Preffer for Decrypt
After a few starts and stops following the historic approval of spot Bitcoin ETFs last month, Bitcoin soared to new highs this week, prompting a wave of confident—even cocky—optimism on Crypto Twitter that the best for BTC is still yet to come.
On Monday, Bitcoin broke past $50,000 for the first time since 2021, which was during the cryptocurrency’s historic rally to its all-time high price of nearly $69,000. Over the course of the week, the token continued to climb, climbing above $51,000 on Wednesday and hovering near $52K much of the time.
On Twitter, users marveled not only at BTC’s incredible performance, but also that such gains were not stirring up much frenzy.
$50k Bitcoin and the timeline is so chill
— Aubrey Strobel (@aubreystrobel) February 12, 2024
Many crypto holders didn’t view that lack of hullabaloo as concerning or defeatist. On the contrary, they saw it as indicative of widespread confidence that Bitcoin is now poised to climb much, much further.
Bitcoin at $50K.
No MSM coverage.
No texts from family.
Timeline is unbothered.
Man is this a good time to be alive.
— Mippo (@MikeIppolito_) February 12, 2024
Last bull run 50k bitcoin felt euphoric
now it feels pre rich, this cycle is going to be wild
— Crypto Tea (@CryptoTea_) February 16, 2024
Those convictions were further bolstered by the news this week that net flows into spot Bitcoin ETFs surpassed $3 billion, dwarfing the performance of gold ETFs when they launched 20 years ago.
The NET cumulative flows for the 10 bitcoin ETFs (incl GBTC) has doubled in past 3 days to over $3b (for context it took $GLD nearly 2yrs to get to this point) after another half a billion yesterday. The Nine alone are nearing $10b in flows. Chart via @BitMEXResearch pic.twitter.com/jTht9wDqVf
— Eric Balchunas (@EricBalchunas) February 13, 2024
Spurring even more excitement was the widespread sentiment shared across Crypto Twitter this week that BTC’s boost could have staying power due to several factors, including the upcoming Bitcoin halving, which will reduce BTC’s supply right as demand for the token is surging.
Bitcoin ETFs are taking 10x more bitcoin off the market than are being minted daily. If these inflows hold through the Halvening, then Bitcoin ETFs will be taking 20x more off the the market than the daily mint. I like where this is going.
— Cameron Winklevoss (@cameron) February 14, 2024
That demand also appears poised to grow, with several well-sourced Twitter users indicating that appetites on Wall Street are only growing for even more exposure to the world’s top cryptocurrency.
From a Bitwise relationship manager:
“A lot of the advisors we support at banks and broker dealers are complaining they don’t have access to the Bitcoin ETF yet. They want it.”
A huge unlock is coming.
— Hunter Horsley (@HHorsley) February 16, 2024
US banks, left off key bitcoin ETF roles, are pushing SEC to tweak guidance around holding digital assets. A bank trade gp coalition sent SEC letter asking them exclude ETFs from broad crypto umbrella. They want a piece of the action. I don’t blame them, it isn’t fair.… pic.twitter.com/advPa94nK2
— Eric Balchunas (@EricBalchunas) February 15, 2024
By the end of the week, spirits on Crypto Twitter were so high that it almost seemed apt when reports surfaced that crypto arch-nemesis Senator Elizabeth Warren had allegedly ordered a flag to be raised above the U.S. Capitol in honor of Bitcoin founder Satoshi Nakamoto.
Alas, it turns out Warren did not become a Bitcoin HODLer overnight. But not all dreams are meant to come true.
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Source: Decrypt.co
The post This Week on Crypto Twitter: Bitcoin Is So Hot, Even Elizabeth Warren Wants In appeared first on Crypto Breaking News.
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