Man watches rising moon. Image from The Preiser Project from Creative Commons 2.0 license

The price is currently exploding. With the breakthrough of 50,000 dollars (46,600 euros) he has broken a symbolic mark. Is $100,000 the next stop? And is it really because of the ETFs?

But hello! The price of Bitcoin and therefore that of all other cryptocurrencies once again overshadows all other news.

The Bitcoin price in dollars, one month. All charts from

Bitcoin broke two milestones: the price of $50,000 and the market capitalization of one trillion dollars. 50,000 dollars corresponds to around 46,600 euros. The all-time high, i.e. the highest price ever reached, is around $67,000. This puts us at around 75% of the all-time high.

Bitcoin price since 2016

We are closer to market capitalization, i.e. the total value of all Bitcoins in circulation. Since several hundred thousand Bitcoins have been found in the mines since the last all-time high, the market capitalization has increased more than the price alone. Its all-time high was $1.24 trillion. Today, with 1.02 trillion, we have a good 82% of that.

Bitcoin market capitalization since 2016.

The reason for this impressive rise may be due to ETFs and the enthusiasm surrounding them. In the first few weeks it looked as if the inflow into the other new ETFs offered by Blackrock, Fidelity and Ark/21 Shares would be fed by the outflow from the Grayscale Trust, which has now been converted into an ETF. This situation has now changed.

Bitcoins held by ETFs. Source:

While the outflow from Grayscale has decreased significantly – from 10,000 Bitcoins a day to a good 1,000 – Blackrock’s Bitcoin Trust alone currently absorbs more than 5,000 Bitcoins on good days.

Overall, the total number of Bitcoins in all ETFs, which seemed to stagnate at around 630,000 Bitcoins after a slight increase in January, has now risen to around 700,000. The website HeyApollo reports a total inflow into all ETFs since the launch on January 10th of 85,200.

And while Bitcoin is pulling the other cryptocurrencies up with it, an upcoming Ethereum ETF is still being discussed. Blackrock, Grayscale, Ark, Van Eck and others had already applied to the SEC for a spot Ethereum ETF at the end of January. The stock exchange regulator examined the applications but delayed a decision. Observers still expect a decision in May.

Ark/21Shares has already announced that an ETF would also include staking, i.e. it would also pay dividends, although Ark is aware that the SEC will still have questions about this. Franklin Templeton has now also submitted a proposal for an Ethereum ETF. The discussion that already took place regarding the Bitcoin ETF will probably be repeated in the coming months.

The 1-month price of ETH according to

The price of Ethereum has risen from $2,271 since the end of January to just under $2,800 today. In relation to Bitcoin, it has tended to fall, which means that a mild trend that has been ongoing since 2022 could continue.

ETH in Bitcoin since 2016

Even if the Ether price is clearly floating at the same time as Bitcoin, it also stands on its own two feet: the rate of staked ETH, i.e. the Ether that is withdrawn from the market, is continuously increasing. A good 30 million ETH, almost 25 percent of all circulating ETH, are now staked. It is also becoming increasingly common to re-stake the staked Ether, i.e. to re-stake the staking tokens that you receive from Lido, for example. Depending on the chart, 10 to 20 percent of all Ether staked are already in a restaking contract.

There is no doubt that Ethereum is currently being pulled up by Bitcoin in particular. With Bitcoin, in addition to the pure Bitcoin ETF, there is the option for other ETFs, such as an ETF for digital technology or an ETF for precious metals, to integrate shares of a Bitcoin ETF into their asset basket. Bitcoin has obviously already found a bottom, while the halving in April is just around the corner. It will halve the new creation of Bitcoins by miners.

Overall, the optimism that the market is currently demonstrating is not unfounded.


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