Bitcoin’s rally to $72,000 is being driven by more than just spot BTC ETF inflows.
) increase of 7.6% between April 6 and April 8, reached an intraday peak of $72,747 and sparked widespread speculation about the underlying causes.exchange-traded funds as the primary factor, this perspective overlooks the broader motivations for buyers to push the price higher. It is more plausible that a range of macroeconomic factors played a key role in Bitcoin's recent price rally.
Investors' expectations regarding the economy and the cost of capital should not be underestimated. Periods of increased liquidity and monetary policies aimed at stimulating consumption and growth usually benefit scarce assets, a trend that is magnified during times of persistent inflation when salaries and prices rise to match the increasing availability of money.in a shareholder letter that the resilience of the U.S.
Moreover, escalating trade tensions between the U.S. and China could have spurred the increased interest in both gold and Bitcoin. Intriguingly,to a record high of $2,354 on April 8, a development that coincided with the U.S. Treasury 2-year yield reaching its highest level in over four months at 4.79%. Conventionally, gold's value tends to wane when investors favor the yields from fixed-income investments; however, this trend was conspicuously absent in the recent surge.
Within this context, the surge in Bitcoin's value to $72,000 on April 8 may be attributed to investors seeking a hedge against the deteriorating state of global economic relations and the ramifications of U.S. government stimulus initiatives, rather than being driven by sporadic and unpredictable Bitcoin inflows from specific investors.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Bitcoin bulls nudge at $70K as BTC price sees 'not typical' weekend
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