Bitcoin is showing no signs of slowing down as demand for the spot Bitcoin ETFs remains robust. Can altcoins keep pace?
Bitcoin (BTC) bulls are in no mood to let go of their advantage. They pierced the $70,000 mark on March 11, signaling continued demand from the traders. Bitwise chief investment officer Matt Hougan said in a memo to investors that professional investors were waiting to buy Bitcoin exchange-traded funds (ETFs).
However, that has not held back the demand for Bitcoin ETFs. According to data from Dune, the spot Bitcoin ETFs have accumulated 4.06% of the current Bitcoin supply. If buying continues at the same rate, Bitcoin holdings of the ETFs are projected to reach 8.65% of the Bitcoin supply on a yearly basis.
MicroStrategy founder and chairman Michael Saylor said in a X post that the firm had purchased 12,000 Bitcoin at an average price of $68,477, using the proceeds from the recently completed $800 million convertible note offering. After the latest purchase, MicroStrategy’s Bitcoin holdings stand at 205,000 Bitcoin acquired at an average price of $33,706 per Bitcoin.
