According to forecasts, Bitcoin's quadrennial halving event is set to occur in 10 days' time...

As the halving event approaches, on Monday, Bitcoin broke the $72,000 mark for the first time since mid-March.

Based on Coinglass data, Bitcoin touched $72,650 on Monday, marking the highest level in nearly four weeks, and liquidated $55.72 million worth of short positions, not far from the year's peak of $73,777 set on March 14.

According to Coinglass data, in the past 24 hours, Bitcoin short sellers have lost nearly $55 million. In contrast, long position holders have profited by nearly $11 million.

It is reported that several institutions, including Harvest Fund's Hong Kong subsidiary and Southern Fund's Hong Kong subsidiary, are applying for and laying out Bitcoin ETFs, with Harvest Fund's application to the Hong Kong Securities and Futures Commission being for a Bitcoin spot ETF.

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Additionally, China AMC's Hong Kong subsidiary has recently reached a cooperation with a Hong Kong Bitcoin ETF custodian.

Industry insiders estimate that the relevant Bitcoin ETF applications could be implemented as early as the second quarter of this year. Market participants judge that if the leading public funds apply for Bitcoin ETF products through their Hong Kong subsidiaries and further demonstrate the maturity of their operations and market development potential, it is not ruled out that more leading public funds will use their Hong Kong subsidiaries to lay out Bitcoin business.

Furthermore, as scheduled, in about 10 days, around a few days before April 18th, the reward for miners to mine new blocks will be halved, which could be a catalyst for the rise of Bitcoin.

In the Bitcoin ecosystem, halving is a pre-programmed phenomenon that reduces the mining speed of new Bitcoins by half. According to Coingecko data, historically, this event has been good news for long-term holders.

However, shortly after this peak, Bitcoin's price usually experiences a significant downward adjustment, entering a period commonly referred to as the "crypto winter," with prices averaging a drop of over 80%. From a shorter time range, September is particularly bearish for Bitcoin.Despite two previous cautionary tales, some on Wall Street still predict "this time it's different," as today's circumstances have drastically changed from the past: regulatory agencies have clearer regulations on Bitcoin, Wall Street has invested billions of dollars into spot Bitcoin ETFs, and various countries are investing in Bitcoin, among other factors.

Data from Farside Investors shows that, to date, the net capital inflow into BlackRock's spot Bitcoin ETF has approached $15 billion, marking a new milestone for this investment product and indicating a sustained institutional interest in Bitcoin. This could be crucial as the halving event approaches.

The rise in Bitcoin has also catalyzed the price increase of meme coins, which, in the current cycle, typically move in tandem with Bitcoin. Some experts believe that the "altcoin season" is a key theme for the cryptocurrency bull market in 2024.