ETC Group founder and Chief Strategy Officer Bradley Duke speaks to Thomas Warner from Proactive about a dramatic rally in bitcoin prices and what it means for crypto more generally. Duke highlights that bitcoin prices have surged nearly 30% in just two weeks, outperforming traditional markets like NASDAQ and S&P 500, which have dropped by roughly 4% over the same period.
This divergence from traditional markets is attributed to a renewed enthusiasm for bitcoin, fuelled by anticipation of the US approval of Blackrock's Bitcoin ETF and a rise in geopolitical tensions that has seen capital flow from equity markets into other forms of asset. ETC Group's Bitcoin ETP, BTCE, reported inflows of 4500 bitcoin in October, equivalent to about $154mln of new assets under management.
He also notes that bitcoin dominance has risen to 54%, a ratio not witnessed since April 2021, indicating its growing acceptance as an asset. With Bitcoin's price showing resilience around $34,400, the coming months will be pivotal in assessing its sustained market sentiment. Duke concludes by saying that it feels to him that the new price level "is more than just a flash in the pan" with people even buying the small dips.
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