Bitcoin is currently trading around $68,000, with VanEck CEO Jan van Eck asserting that the cryptocurrency is nearing a market bottom as the fourth year of the halving cycle approaches its end in 2026. Despite ongoing geopolitical tensions, BTC has experienced a 2.6% increase within the last 24 hours and a notable weekly gain of 7.6%.
Van Eck”s bullish sentiment comes at a time when spot Bitcoin ETFs in the United States have seen significant inflows, totaling approximately $458 million in a single trading session. This performance marks one of the strongest for the first quarter of the year. The current trading data indicates that while Bitcoin has gained recently, it remains approximately 22% lower year-to-date and still over 40% beneath the peak it reached in October of last year.
In a Monday interview with CNBC, Jan van Eck elaborated on his perspective regarding the current Bitcoin market. He attributed the ongoing bearish trend to Bitcoin”s predictable four-year halving cycle rather than any decline in its fundamental value. “Bitcoin typically experiences three years of growth followed by a significant drop in the fourth year,” van Eck explained. He noted that we are currently in that fourth year.
The CEO emphasized the significance of Bitcoin”s capped supply of 21 million coins and the halving mechanism, which reduces miner rewards by 50% every four years, creating an inherent price cycle. He further highlighted that the recent stabilization in Bitcoin”s price could be linked to heightened military conflicts in the Middle East, particularly involving Iran, Israel, and the United States.
Van Eck mentioned that cryptocurrency payment systems might serve as a viable alternative for transferring funds outside traditional banking in conflict-ridden areas, using examples from the UAE and Dubai.
ETF inflows remain strong despite market volatility. According to data from SoSoValue, U.S. spot Bitcoin ETFs attracted around $458 million in a single day, with no net outflows reported across the 12 ETFs in existence. The inflow trend is echoed in the Ethereum ETFs, which saw inflows of $38.69 million, with a similar lack of outflows.
Last week, these investment vehicles collectively amassed about $1.1 billion in inflows, with BlackRock”s IBIT product accounting for approximately 50% of this figure. Meanwhile, geopolitical developments in the Middle East have led to a $300 million liquidation of long positions, although analysts at QCP Capital deemed the impact as controlled.
Despite recent price movements, Bitcoin has primarily fluctuated between $60,000 and $70,000 throughout February. The cryptocurrency approached $69,213 on Monday but failed to break the elusive $70,000 resistance level. As of 01:25 ET on Tuesday, Bitcoin was valued at $67,884, reflecting a daily increase of 2.5%. Market analysts note that investor sentiment remains cautious, given the ongoing military operations in the Middle East and limited willingness for de-escalation from U.S., Israeli, and Iranian officials.
As of the latest update, Bitcoin”s trading price stands at $68,153, according to CoinGecko market data.
