Bitcoin ETFs Crucial To Sustain Current Buying Pressure – Details

Quick Summary:

Therefore, in order to maintain BTC’s present upward trajectory, Ki Young Ju postulates that the Spot Bitcoin ETFs, alongside Coinbase USD reserves, have to provide much-needed market liquidity.  Notably, the Spot Bitcoin ETFs can be said to be behind Bitcoin’s current rally considering their impressive inflows record of over $5 billion in the past three weeks.

Low Stablecoin Exchange Reserve Provides Need For Bitcoin ETFs In a series of X posts on November 1, Ki Young Ju stated that stablecoins currently provide an insufficient amount of liquidity to sustain the present buying pressure on Bitcoin.

However, According to Young Ju, crypto exchanges currently hold only 21% of the total stablecoin market i.e.$34 billion of $166 billion, as most of these tokens are currently being used for storage or remittances. This development represents a slow rise in the stablecoin exchange reserve of $30 billion recorded in September 2021 during the last bull run, despite a 33% growth in total stablecoin shares in the same period.

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Article Details

Author / Journalist: Semilore Faleti

Category: Crypto

Markets: United Kingdom

Topics: Bitcoin BTCUSDT Bitcoin exchange reserve Btcusd Stablecoin exchange reserve Bitcoin Spot Bitcoin ETFs

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-02 @ 15:00:07 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 434 words

Reading Time: 3 minutes read

Sentences: 66 lines

Sentence Length: 7 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 23370905

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