He also published a couple of other tweets to share his take on the importance of Bitcoin, which he believes to be rapidly increasing now.
A new historic peak, which would cause a recursive Bitcoin demand shock to step in, Mow tweeted, and then, “It’s up all the way to $0.1m,” he concluded.
This sudden and drastic price surge can likely be explained by the massive daily inflows experienced by the spot Bitcoin ETFs on Tuesday, as they netted a total of $887 million. This was the largest daily inflow since the Bitcoin ETF approval that occurred in January.
BlackRock (NYSE:BLK)’s iShares Bitcoin Trust (IBIT) sucked in $274 million in BTC, while the ARK 21Shares Bitcoin ETF (ARKB) saw an inflow of a substantial $139 million.
Samson Mow commented on that significant buying spree as he tweeted that considering the levels of buying compared to the currently available Bitcoin supply, “it’s a miracle that Bitcoin stayed below $0.07 million for so long.”
He also stated that it is madness “not to have any Bitcoin exposure at this point.” Currently, Bitcoin is seeing a decline and is approaching $71,000 after hitting $71,321 earlier today.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
