Bittime - The crypto world was shocked by a new record inflow of funds recorded by BlackRock 's Bitcoin Exchange-Traded Fund (ETF) , iShares Bitcoin Trust (IBIT). This fantastic score occurred when the price of Bitcoin (BTC) reached its all-time high of around IDR 1,009,625,000 (exchange rate of IDR 14,400 per USD).
The Birth of the Bitcoin ETF and Its Impact on the Indonesian Crypto Market
Early in 2024, the crypto investment world in Indonesia was shocked by the decision of the Commodity Futures Trading Supervisory Agency (Bappebti) to approve 10 spot Bitcoin ETFs to start trading. This monumental decision was sponsored by several well-known brokerage companies in Indonesia, such as Indo Premier Sekuritas and Mirae Asset Sekuritas.
The presence of this ETF is the bridge that Indonesian capital market investors who are interested in Bitcoin have been waiting for. Previously, access to Bitcoin ownership could only be done through a crypto exchange or special crypto wallet. ETFs exist as equity-based investment products that can be purchased like shares on the Indonesia Stock Exchange (BEI). This opens up opportunities for new investors, such as retail investors, to start investing in Bitcoin without the hassle of creating an account on a crypto exchange.
The impact of the presence of Bitcoin ETFs in Indonesia is also significant. The BTC/IDR price managed to shoot up to an all-time high of IDR 1,009,625,000 on March 5. This price spike is thought to be strongly influenced by the heavy inflow of funds into the Bitcoin ETF. The more investors who buy ETF shares, the greater the need for ETF management companies to buy Bitcoin to adjust their asset holdings.
Check Today's Crypto Market:
| BTC/IDR | SOL/IDR |
| ETH/IDR | USDT/IDR |
| DOGE/IDR | ARB/IDR |
IBIT Inflow Record and Its Impact on BTC/IDR Prices
On the same day that BTC/IDR reached its new ATH, BlackRock's IBIT recorded the largest daily inflow record, namely $788.3 million. This fantastic figure requires BlackRock to buy more than 11,000 Bitcoins, which is likely to be one of the factors driving the BTC/IDR price to its highest level.
Although IBIT recorded impressive inflows, the total net inflow of all existing Bitcoin ETFs was $650 million. This difference is caused by quite high selling activity in the Grayscale Bitcoin Trust (GBTC), another Bitcoin ETF. Arbitrageurs likely took advantage by selling their GBTC holdings and switching to other ETFs that charge lower fees.
Also Read How to Buy Crypto:
BTC/IDR Price Today
Source: Bittime.com
On March 7, 2024, the price of BTC (Bitcoin) / IDR was at IDR 1,043,267,320 per coin, up 3.89% in 24 hours and 5.10% in the past week.
Check Crypto Prices Today:
Analyst's View: Between Doubt and Optimism
Yosua Oktorianus, senior capital markets analyst at Mirae Asset Sekuritas, in his research, revealed that the combined total trading volume of the 10 Bitcoin ETFs exceeded $10 billion for the first time on March 5. He also called this achievement "an extraordinary figure for an ETF that is only less than 2 months old".
However, amidst the surge in inflow, analysts are still questioning whether this momentum can be sustained in the long term.
Some analysts believe that the current price increase is driven more by anticipation of the Bitcoin halving event which is expected to occur in April. Halving itself is an event where Bitcoin mining rewards are cut in half, which historically has often been followed by price increases.
On the other hand, there are also analysts who believe that consistent purchasing activity will slowly reduce the liquidity of sellers.
Several other analysts see this bull run (increasing price trend) as the beginning of a wider bull market period, which has the potential to bring the BTC/IDR price to around IDR 1,500,000,000.
Regardless of analysts' views, the popularity of Bitcoin ETFs and their impact on the Indonesian crypto market cannot be denied. The dynamics occurring in the crypto market in the coming months are worth following closely.
Also Read: CryptoPunk Sells for $16 Million: The Era of NFT Markets is Back?
Conclusion
The BlackRock Bitcoin ETF inflow record is clear evidence of the high level of investor interest in this crypto asset. Although there are still doubts from some analysts, optimism regarding Bitcoin's future remains high. This shows that Bitcoin and Bitcoin ETFs have great potential to continue to develop in Indonesia.
How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime .
Monitor price chart movements of Bitcoin (BTC ) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Crypto Threatened in Nigeria? Platform Stops USDT & USDC Purchases
Ethereum (ETH) vs Solana (SOL): Price Comparison of ETH/IDR and SOL/IDR
USDT Launches Blockchain Recovery Tool, How Does It Work?
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.