Markets are beginning to digest the long-term potential inflows into Bitcoin ($BTC) Spot ETF products. The halving will occur in less than 100 days, and market positioning has already begun. How will slashing the issuance rate affect price? If the last cycles provide reliable guidance, Bitcoin will enter an enormous rally next year, dragging the top ten cryptocurrencies and the rest of the market along for the ride.
Bitcoin Spots ETFs have snapped up 10,600 $BTC on day 5. The inflows keep rolling in. As always, investors overestimate the short-term effect and underestimate the long-term effect. The assurance of continued inflows is causing a small cap renaissance as investors get the green light for risk-on behavior. Presales are catching serious traction, and Galaxy Fox ($GFOX), a new memecoin ICO, is nearly sold out.
Bitcoin ($BTC) Spot ETF Success: Day 5 Sees 10,600 BTC and Counting
Bitcoin ETFs have been a smash hit, and there is no other way to phrase it. So far, they have seen 3X of the combined trading volume of all 500 ETFs launched in 2023, and on day five alone, issuers had to add another 10,667 $BTC to their custodian accounts. Investors were bullish about Spot ETFs for precisely this reason. Every issuer has to own $BTC to back their ETF.
To date more than 68,500 $BTC have been purchased- roughly $2.8 billion. These constant inflows will gradually push price up, and Bitcoin’s status as a store of value has never looked stronger. Always recommended as the ideal crypto for beginners, $BTC can now be bought via standard brokerage accounts, and this increased market exposure and liquidity will steadily flow downhill into altcoins.
The second-order effects will be greater $BTC price stability, unlocking the ideal conditions for altcoins to flourish- when Bitcoin makes slow and steady gains. Inflows from TradFi are creating this reality, and the drastic success of ICOs points to crypto traders frontrunning an expected DeFi boom.
Galaxy Fox ($GFOX) Presale Closing Soon
Galaxy Fox is one of the presales that has been outperforming, and it has already raised over $2.8 million. It is rapidly reaching the end of its presale period, and investors will soon miss the chance to become early adopters. This new token is surfing the memecoin mania and promises returns magnitudes larger than those available buying any of the top ten cryptocurrencies.
It takes fun and earning to a whole new level with its addictive runner game and prizes. The P2E component will be an excellent onboarding funnel for new users who enter the ecosystem to play and stay to earn. The staking rewards program combined with the token burn let $GFOX holders earn yield on a deflationary asset.
This economic mechanism and impressive funding are why Galaxy Fox is being hailed as one of the top 5 cryptos to invest in this quarter. Galaxy Fox permanently removes tokens from circulation and uses an intricate tax system to reward stakers. The net result is payouts correlated with ecosystem growth and no inflationary emissions.
Returning interest in P2E projects is another factor boosting Galaxy Fox’s value proposition as the GameFi narrative heats up. The potential for small caps to make enormous gains this cycle is evident, and Galaxy Fox’s robust ecosystem puts it at the front of the line. A memecoin with an undercurrent of P2E features in the current macro is rocket fuel for any portfolio.
Closing Thoughts: 2024 ICO Summer Coming?
People may remember the ICO craze of 2017. The current funding levels for presales suggest a repeat in 2024. With guaranteed steady large $BTC inflows, crypto-natives are wandering further up the risk ladder, away from the top ten cryptocurrencies and towards smaller altcoin gems.
Micro caps launching positive market sentiment is how 100Xs happen, and Galaxy Fox is a serious contender to become the next 100X star. Participate in the presale today before the ICO sells out.
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