Glassnode: Bitcoin bull market resembles that of 2015-2017

Analysts from the on-chain analytics platform Glassnode claim that Bitcoin’s current bull market resembles that of 2015-2017. That was a very successful period for Bitcoin, so in that respect we have to hope that they are right. The current bull market started off well, but now we have been on pause since March 14.

On that date, Bitcoin reached its preliminary all-time high of $73,800 and has been on a slight downward trend since then.

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20% correction for Bitcoin

After reaching the all-time high on March 14, the Bitcoin price has fallen by 20% to its lowest point. This means that the market has suffered the sharpest correction since the collapse of FTX in November 2022.

Although Bitcoin has largely recovered from that correction, hitting $72,000 on May 21, it is now trading around $68,000-69,000 again.

“If we have to make a comparison, the corrections on the 2023-2024 uptrend are very similar to those of the 2015-2017 bull market,” Glassnode analysts say.

The graph above clearly shows that the corrections during this bull market are a lot less sharp than those of 2020-2021. At the time, Bitcoin’s pullbacks were a lot more severe.

It seems that the introduction of the Spot Bitcoin ETFs in America is making a nice contribution to this.

ETFs raise significant capital

Last week the Bitcoin ETFs saw another few positive days. On average, they raised $210 million in capital for Bitcoin per day.

Yesterday was another positive day for the Bitcoin ETFs. All told, they raised $49 million in capital. It is notable that Grayscale saw no outflows, but ARK 21Shares saw an outflow of $100 million.

This was offset by a gigantic inflow of $119 million, particularly at Fidelity. With yesterday’s inflows, Bitcoin ETFs are now on a positive streak of 13 consecutive days of inflows.

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