In recent days, there has been a strong growth in the crypto markets. We have consulted with Senior Analyst Vetle Lunde (K33) about what this is due to: - The growth is probably largely due to the activity in the Bitcoin ETFs. Abruptly on Thursday, there was an explosive growth in virtually all Bitcoin ETFs. They have taken in close to $500 million on Friday, and even more on Friday, which equates to 8,000 Bitcoins entering on Thursday and 11,000 Bitcoins entering on Friday. So it's been a crazy flow.
This is stated by Vetle Lunde, who explains that the high interest in the ETFs directly leads to increased demand in the Bitcoin spot market and indirectly also to increased interest in other cryptocurrencies.
The value of the overall crypto market rose from around $1.6 trillion (trillion in English) on Thursday to around $1.9 trillion on Sunday night. The Bitcoin exchange rate rose over the same period from $43,000 to around $48,000. This is closer to $10,000 above the rate on January 23, at 38,500 which the market fell to after the ETFs were approved by the U.S. Treasury on January 10.
Vetle Lunde believes that the ETF approval itself was a “sell-the-news event” and that in the weeks afterwards many investors have taken the opportunity to take profits after the strong rise in the Bitcoin price since autumn 2023. At the same time, Lunde believes that much of the selling pressure is now out of the market, and that investors are again looking forward to the next event, primarily the so-called halving of Bitcoins in mid-April.
In the video interview, we also talked to Lunde about his interest in other cryptocurrencies such as Ethereum and Solana. We have also asked Lunde about how he has spent his weekend, both to be up to date on market developments and to enjoy the weekend.
You can watch the full video interview with Vetle Lunde below.
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In recent days, there has been a strong growth in the crypto markets. We have consulted with Senior Analyst Vetle Lunde (K33) about what this is due to: - The growth is probably largely due to the activity in the Bitcoin ETFs. Abruptly on Thursday, there was an explosive growth in virtually all Bitcoin ETFs. They have taken in close to $500 million on Friday, and even more on Friday, which equates to 8,000 Bitcoins entering on Thursday and 11,000 Bitcoins entering on Friday. So it's been a crazy flow.
This is stated by Vetle Lunde, who explains that the high interest in the ETFs directly leads to increased demand in the Bitcoin spot market and indirectly also to increased interest in other cryptocurrencies.
The value of the overall crypto market rose from around $1.6 trillion (trillion in English) on Thursday to around $1.9 trillion on Sunday night. The Bitcoin exchange rate rose over the same period from $43,000 to around $48,000. This is closer to $10,000 above the rate on January 23, at 38,500 which the market fell to after the ETFs were approved by the U.S. Treasury on January 10.
Vetle Lunde believes that the ETF approval itself was a “sell-the-news event” and that in the weeks afterwards many investors have taken the opportunity to take profits after the strong rise in the Bitcoin price since autumn 2023. At the same time, Lunde believes that much of the selling pressure is now out of the market, and that investors are again looking forward to the next event, primarily the so-called halving of Bitcoins in mid-April.
In the video interview, we also talked to Lunde about his interest in other cryptocurrencies such as Ethereum and Solana. We have also asked Lunde about how he has spent his weekend, both to be up to date on market developments and to enjoy the weekend.
You can watch the full video interview with Vetle Lunde below.
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