"Hmm, is it possible for the price of BTC to break through $69K before the halving?"
The price of cryptocurrency king Bitcoin (BTC) at the opening of the Asian session market this morning strengthened up to $64,234 as data now shows there is a 20% difference between the supply and demand of BTC in the market.
Through observation, the data shows the demand for BTC is currently 30,000 but the availability is only 6,000, so here it can be seen that investors will most likely have to pay an astronomical price* to buy BTC.
*Very high or expensive cost
In the past week, BTC has seen extreme demand where a big contributor to the demand is the spot BTC ETF and if the current supply crisis continues, the price of BTC could climb higher.
There is no denying that other factors such as the trajectory of interest rates by the Federal Reserve (Fed) and the BTC halving event are drivers for its bullish price, but gains can be affected given the volatile nature of trading in the crypto market.
According to SoSoValue data, the net outflow of $139 million from spot BTC ETFs last Friday was the first in seven trading days following net outflows of $492 million in one day for the Grayscale ETF (GBTC) and $202 million for the BlackRock ETF (IBIT).
The $202 million put into IBIT represents a significant decrease compared to recent inflows, where net inflows following the latest inflows were over $7.95 billion with its asset holdings up over $10.5 billion.
As of this writing, the price of BTC has fallen back a little 2.48% to $63,445 in the last 24 hours with a market capitalization of over $1 trillion followed by a 23.11% increase over the last week.