Bitcoin ETF Pushes BTC Prices To Approach IDR 810 Million

Bitcoin ETF subscribes to the value of BTC crypto assets. (Photo; Doc. Bitcoin Start)

JAKARTA - The price of Bitcoin continues to strengthen and approaches the figure of IDR 810 million (approximately USD 52,000) towards the holiday weekend. This increase is driven by a large flow of incoming funds for Bitcoin exchange-traded funds (ETF), both in the spot market and in the derivatives. In addition, positive income reports from crypto companies such as Coinbase and Robinhood also provide bullish sentiment for the crypto market.

According to data from BitMEX, Bitcoin ETF experienced a net fund flow of IDR 7.4 trillion (approximately USD 477 million) on Thursday, February 15. The inflow for Bitcoin spot ETF reached a new record at the end of last week, with funds received around IDR 18.7 trillion (approximately USD 1.2 billion) in assets.

"After a period of quiet post-ETF period, active traders at CME returned to the market strongly over the past week. Open interest from active traders rose 48% (22,000 BTC), and the CME premium returned to its fourth quarter level by 18%," wrote analyst K33 Research earlier this week.

However, open interest in futures Bitcoin has also reached a very high level, indicating a higher leverage and potential volatility in the market. Data from CryptoQuant shows that open interest in Bitcoin is currently at a level that has not been seen since 2021 and 2022.

"The high open interest futures reflects market bullishness but also brings leverage, and therefore a higher potential volatility going forward," said David Lawant, head of research at FalconX. "Although positive prospects remain intact, it's important to remember that the crypto bullish market doesn't come without a temporary correction on the way."

Apart from Bitcoin, other crypto assets also experienced price increases this week. Crypto market capitalization grew by about 15%, excluding stablecoins, to more than IDR 31.2 quadrillion (approximately 2 trillion US dollars), according to data from FalconX.

Bitcoin (BTC) is currently around 20% below its previous high price, while ether (ETH) lags behind, as is the case at this point in the last cycle, but with a lower number than before.

Earlier this week, Bitcoin reached IDR 780 million (approximately 50,000 US dollars) before rising higher. While the flow of ETF funds remains the focus for now, halling will arrive in approximately two months.

"Having fourth Bitcoin in mid-April may be the most symbolic halving to date, featuring Bitcoin's digital scarcity," said Thomas Perfumo, head of strategy at Kraken.

Seeing the stock market, Coinbase jumped high on Friday, up more than 10%. The increase in shares came after the company reported its first positive net profit during the quarter since 2021. The company also noted that EBITDA was adjusted positively in all four quarters last year, around Rp. 14.9 trillion (approximately 960 million US dollars).

The shares, following revenue reports, reached their highest level in two years on Friday, February 16. These shares rose 184% in the past year.

Earlier this week, Robinhood started a surprise revenue by reporting a crypto revenue of IDR 670 billion (approximately 43 million US dollars). Total transaction revenue, the company said, rose 8% year-over-year to IDR 3.1 trillion (approximately 200 million US dollars).

The shares rose nearly 5% an hour before market closing on Friday, approaching a high level in 52 weeks of IDR 223 thousand (approximately $14.36). These shares rose 21% in the last five days.