Bitcoin Hits USD 50,000! Is It Time For Action?
๐๐๐๐ฎ๐ฎ๐ฎThe Year Of The Dragon Has Roared Its Might and Bitcoin Has Jumped above USD 50,000 to reach its highest point in more than 2 years. This is the best week since December 8, ending up 10.7% since last Friday.
Is it time for action?
Demand for Spot Bitcoin ETFs remains high with net inflows of USD 1.1 billion last week and USD 2.8 billion since their launch. Just last Friday, Bitcoin ETFs acquired 12,000 Bitcoins, outpacing the daily creation rate of 900 new Bitcoins.
Since January 11 when Bitcoin ETFs started trading, Fidelity Wise Origin Bitcoin Fund (FBTC) became the 2nd ETF to cross USD 3 billion in Assets Under Management following $iShares Bitcoin Trust(IBIT)$
$Coinbase Global, Inc.(COIN)$
I have invested in $iShares Blockchain and Tech ETF(IBLC)$ which tracks an index of global companies that are involved in the development, innovation and utilisation of Blockchain and Crypto Technologies.
The Top 10 holdings include Marathon Digital Holdings , Coinbase, Riot Platforms, Bitfarms, Cleanspark, $NVIDIA Corp(NVDA)$
Nvidia has overtaken Amazon and Google in market capitalisation today as it rose to a record high of over USD 740 per share, bringing its market capitalisation to USD 1.83 Trillion, while Google's market capitalisation is USD 1.82 Trillion and Amazon is USD 1.8 Trillion.
The Top 10 weightage is 69% of the ETF. Total number of holdings is 35. The expense ratio is 0.47%. Dividends are paid every 6 months. The current dividend yield is 2.3%.
With the halving event of Bitcoin in April, this means that the demand of Bitcoin will far outweigh its supply. I believe that the current sizzling hot rally of Bitcoin will continue its upward momentum.
So it is certainly time for action whether to buy Bitcoin ETFs, or stocks that are involved in Bitcoin. The All Time High of Bitcoin (BTC) was USD65,000 in November 2021. I believe it is time for Bitcoin to shine in the Year of The Dragon!
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