[Bitcoin Now] US Spot ETF Supply and Demand Positive... Up 9.94% Compared to Last Week

Three Consecutive Weeks of Rebound Trend... 63 Million Won Range

The price of Bitcoin has continued its rebound trend for three consecutive weeks, rising to the 63 million KRW range. The Bitcoin spot exchange-traded fund (ETF) listed on the US stock market is seen as a driving force behind the price increase.

According to the global virtual asset market tracking site CoinMarketCap, as of 4 PM on the 10th, the price of Bitcoin was recorded at 63.1 million KRW, up 2.54% from the previous day. Compared to the previous week, it rose 9.94%, and compared to one year ago, it increased by 116.45%.

The price of Bitcoin formed a short-term bottom in the high 51 million KRW range on the 23rd of last month and then reversed to a rebound trend, drawing an upward curve. On the 10th, it even broke through the 64 million KRW range during the day but gave up some of the gains due to profit-taking selling pressure.

The supply and demand of spot ETFs, which are identified as factors driving up Bitcoin prices, remain positive. According to NH Investment & Securities, as of February 5, the cumulative net inflow of funds into US Bitcoin spot ETFs was $1.64 billion (approximately 2.2 trillion KRW). The BlackRock IBIT, which holds the largest amount of funds, has assets under management (AUM) exceeding $3 billion. In particular, the pressure on price decline has eased as the frequent selling of Grayscale's Bitcoin Trust (GBTC) has subsided.

However, concerns still exist. According to foreign media, Genesis Global Capital (GCC), a bankrupt virtual asset lending company, requested the court on the 2nd to approve the disposal of Grayscale's Bitcoin and Ethereum trust assets to repay its debts. The scale amounts to about $1.4 billion. GCC faced a management crisis last year due to the bankruptcy of the virtual asset exchange FTX. This was because it could not recover funds lent to Alameda Research, an affiliate of FTX, and the virtual asset hedge fund Three Arrows Capital.

Hong Seong-wook, a digital asset researcher at NH Investment & Securities, pointed out, "Although the selling pressure caused by FTX has subsided, there are concerns that GBTC volumes may be released from Genesis Global, which went bankrupt due to the FTX incident."