From Investing.com: 2024-04-09 07:53:37

Bitcoin’s price surged above $71,000 ahead of the fourth halving, driven by increased demand and activity in DeFi sectors. Ethena’s ENA token saw a significant jump after an airdrop, and the market reacted positively to the announcement of a new stablecoin and a proposal to cut ETH newly minted units.

Investors and analysts are eagerly anticipating the Bitcoin halving, with historical data showing mixed immediate impacts but overwhelmingly bullish long-term effects. ETFs now hold over 4% of Bitcoin’s total supply, signaling growing acceptance among traditional investors, potentially leading to higher prices.

Amidst the excitement, ETF flows have been mixed, but overall trends remain positive as institutional and retail investors seek Bitcoin exposure. In the DeFi space, Ethena’s ENA token defied post-airdrop sell-offs, trading above $1.1. Both Bitcoin and Ethereum are seeing all-time highs in open interest on derivatives markets, indicating a bullish outlook.

Read more at Investing.com: Will the upcoming Bitcoin halving be a sell-the-news event? By Investing.com