\u201cWith some of the leverage taken out, the path higher has now opened up and we look to a near-term break higher as the uptrend resumes immediately,\u201d according to a research note from crypto trading firm QCP Capital.<\/p>\n
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Leveraged Bets<\/h2>\n
In the derivatives market, Coinglass\u00a0data<\/a><\/strong>\u00a0show that about $818 million worth of bullish crypto wagers and $235 million of bearish bets were liquidated in 24 hours through Wednesday morning.<\/p>\n The combined figure of more than $1 billion is among the highest since the pandemic-era bull run in digital assets, according to\u00a0Stefan von Haenisch<\/a><\/strong>, head of trading at OSL SG Pte in Singapore.<\/p>\n Even with the latest dip, Bitcoin\u2019s almost 58% advance so far in 2024 outstrips global stocks, supporting optimism across the digital-asset market. A gauge of the largest 100 tokens is up about 55% over the same period.<\/p>\n The US Securities and Exchange Commission permitted spot-Bitcoin ETFs in January after its effort to resist them suffered a legal defeat last year.<\/p>\n The move has widened the mass-market accessibility of Bitcoin, helping the crypto sector to turn the page following a bear market in 2022 and a string of subsequent bankruptcies, including the implosion of Sam Bankman-Fried\u2019s FTX exchange. The industry used the term \u201ccrypto winter\u201d to describe the turmoil.<\/p>\n A steady tide of money has poured into the ETFs issued by heavyweights including BlackRock and Fidelity Investments.<\/p>\n The net inflow of about $8.6 billion is colliding with a looming slowdown in Bitcoin\u2019s supply growth, the so-called\u00a0halving<\/a><\/strong>\u00a0due in April. One question now is whether the cohort of ETF investors will be unsettled by the latest price oscillations.<\/p>\n \u201cETFs brought in a diverse investor base, and inflows have been healthy,\u201d said\u00a0Cici Lu McCalman<\/a><\/strong>, founder of blockchain adviser Venn Link Partners.<\/p>\n \u201cInelastic supply will continue to be solid support for Bitcoin\u2019s scarcity value.\u201d<\/p>\n Bitcoin\u2019s comeback started in early 2023 and has helped to lift the overall market value of digital assets to about $2.6 trillion.<\/p>\n The token\u2019s previous peak was $68,991.85 in November 2021, according to data compiled by Bloomberg, a period when monetary and fiscal stimulus was oiling global markets.<\/p>\nETF Inflows<\/h2>\n
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