Galaxy Digital founder: Spot ETF net inflows will continue to rise if they are positive, and $50,000 to $55,000 is the new bottom

BlockBeats news, on March 13, Galaxy Digital founder and CEO Michael Novogratz said in an interview with CNBC that the price of Bitcoin has been rising, mainly due to the continued inflow of funds from the recently approved spot ETF in the United States. As long as the net inflow is positive, Bitcoin prices will continue to rise. And once it goes negative, people will see the first real adjustment. The current crypto market is frothy and financing rates are high. During times like these, investors must be prepared to face adjustments. But he personally believes that the price of the currency will not return to below US$50,000 to US$55,000. Unless something dramatic happens, this will be the new bottom. Novogratz said there was a sudden “mindset shift” in the market after the spot Bitcoin ETF was approved. Baby boomers are investing through registered investment advisers and trying to invest in Bitcoin for the first time. At the same time, Bitcoin holders don’t like selling, and they often think of their net worth in terms of the number of Bitcoins they own rather than how many dollars they own. Bitcoin is currently in price discovery mode and could reach $100,000.