Bitcoin set a new ATH at 69,990 USD and immediately corrected

After 2 years and 3 months of waiting, Bitcoin finally reached a new historical peak.

Bitcoin set a new ATH at 69,990 USD and immediately corrected

At around 10:30 PM on March 8, 2024, Bitcoin price skyrocketed to 69,990 USD, officially setting an all-time high (ATH) after surpassing the old peak of 69,000 USD in November 2021.

However, immediately after reaching a new ATH, the world's largest cryptocurrency was deeply corrected to $66,500. Similar to the peaks on March 5 and February 28, there is still a huge selling pressure in the market every time BTC approaches a new high.

Market liquidation data shows that in the past 1 hour, more than 111 million USD of derivative orders were burned, with 68.7% being long orders.

Bitcoin's upward momentum, as usual, still comes from Bitcoin spot ETFs. During the trading session on March 7 (US time), these funds recorded an inflow of up to 473 million USD. In addition, the market also received positive signals when BlackRock intended to let an investment fund under its management buy Bitcoin ETF shares.

The world's second largest cryptocurrency, Ethereum, is approaching the 4,000 USD mark - the highest value threshold in the past 2 years, but still needs another upswing to reach the ATH peak of 4,868 USD. As Bitcoin declines again, ETH is also currently being corrected to the $3,870 area.

Net inflows into Bitcoin spot ETFs recorded their second highest day, with amounts into BlackRock's IBIT fund reaching an all-time high.

Cash flow into Bitcoin ETF reached nearly 650 million USD despite BTC price dumping from ATH

In the early morning of March 6, 2024, the cryptocurrency market witnessed a flash dump of 5,000 USD right after BTC re-touched the ATH of 69,000 USD.

Although the market fluctuates wildly, it does not prevent money from continuing to pour into Bitcoin spot ETFs. According to not yet final updated data, net cash flow into ETF products on March 5 was 648.3 million USD, temporarily ranked second after ATH on February 28 with 673.4 million USD.

BlackRock's ETF alone with the symbol IBIT has continued to set a new peak with 788.3 million USD, or more accurately, BlackRock alone "weighs" the entire market.

And continuing like every other day, we only witnessed money flowing out from Grayscale's GBTC fund, with a not too surprising number of 332.5 million USD.

In addition, the trading day of March 5 also witnessed the trading volume exceeding the 10 billion USD mark for the first time, recording another ATH number.

BlackRock is the leading name when it comes to ETFs at the moment. The giant holds more than 10 billion USD in Bitcoin after just 50 days, proving that the Bitcoin spot ETF is an extremely effective investment product.

The ETF Store President Nate Geraci said:

"Only about 150 out of 3,400 ETFs hold $10 billion in assets under management. Most of them were launched more than 10 years ago, while IBIT was able to achieve this milestone in just 7 years. week".

Behind BlackRock is Fidelity's FBTC fund, currently holding 110,906 BTC, Ark's ARKB and 21 Shares with 35,369 BTC.

The effectiveness of ETF products for Bitcoin has been proven extremely clearly. That's why the big guys continue to compete with each other to apply for the Ethereum spot ETF with the hope of being approved as early as May 23. However, the Securities Commission (SEC) has not yet shown any attitude that it will approve this proposal.

Many analysts are also not too optimistic about the prospect that we will soon have an Ethereum spot ETF.

According to CryptoQuant, shortly after BTC peaked at $69,990, a 10-year-old address containing 1,000 BTC marked as belonging to a miner transferred funds to Coinbase. This is a move that shows that a part of investors has decided to take profits at the current peak price.

By dawn on March 6, the sell-off continued, sometimes bringing BTC to as high as 59,000 USD, the support level was also reached once in the dump on February 28.

The dump took place in the context of Bitcoin ETFs - the main driving force of BTC throughout the past half year - recording another successful trading day with trading volume exceeding the 10 billion USD mark for the first time.

Other altcoins are also currently being adjusted to 5-9% lower than their prices 24 hours ago, while memecoins even recorded double-digit drops.

The rapid market reversal has significantly affected the positions of many investors. Statistics from the derivatives market show that in the last 12 hours, more than 880 million USD in derivative orders were liquidated, of which 1/4 was BTC. The rate of long orders being burned accounts for 84% of this number.

The total value of liquidated derivative orders across the market in the past 24 hours reached 1.15 billion USD, the highest level since August 2023.

On-chain data shows that billionaire Elon Musk's electric car company Tesla holds 11,509 Bitcoin, which means an increase of 1,789 BTC compared to the report in January 2024.

In the latest data report from on-chain platform Arkham Intelligence, the famous electric car company Tesla owned by billionaire Elon Musk is holding 11,509 Bitcoin, worth about 780 million USD on 68 wallet addresses.

Along with that, SpaceX, the company that develops and manufactures aerospace vehicles also owned by this billionaire, currently owns 8,285 BTC, equivalent to $560 million worth through 28 addresses. wallet.

Retrieving Tesla's January 2024 earnings report, the company announced a "diamond hand" of 9,720 BTC for 6 consecutive quarters, despite the fluctuations in the cryptocurrency market during the previous period. .

Based on historical data, the BTC balance in Tesla's portfolio began to fluctuate strongly since 2021:

Tesla invested 1.5 billion USD in Bitcoin in February 2021, accumulating about 43,000 BTC. In the same month, the company announced that it would begin accepting payments in Bitcoin, sending the crypto community into a new "wave sickness".

However, the company liquidated $936 million in BTC in 2022, holding only $218 million by the end of September 2022. Overall, Tesla had a net loss of $140 million in 2022 because of its Bitcoin investment.

If on-chain information from Arkham Intelligence is correct, Tesla "quietly" purchased an additional 1,789 BTC in the first quarter of 2024, "matching" the 11,509 Bitcoin it holds, thereby increasing the total amount of Bitcoin owned. of Elon Musk to 19,794 BTC, worth more than 1.3 billion USD at the present time.

With 11,509 BTC held, the electric vehicle company becomes the third largest public company holding cryptocurrency assets globally, second only to MicroStrategy (193,000 BTC) and Bitcoin mining giant Marathon Digital Holdings (16,930 BTC). Billionaire Elon Musk alone became the second individual to own Bitcoin, only behind MicroStrategy Executive Chairman Michael Saylor.

In a recent interview, Mr. Michael Saylor stated that he still has no intention of selling Bitcoin, and will instead continue his strategy of accumulating the world's largest cryptocurrency.

In the past, Arkham also claimed to have identified the wallet addresses of Bitcoin ETFs, Coinbase BTC wallets, and Grayscale BTC and ETH wallets.