Bitcoin soared over $61,000 today, moving closer to a record high. Investor enthusiasm and spot Bitcoin ETF flows continue to drive prices up. The achievement comes amid growing interest in the Bitcoin markets and increasing adoption by institutional investors.
Just in: $61,000 #Bitcoin π₯π pic.twitter.com/gMLqQ7inTf
— Bitcoin Magazine (@BitcoinMagazine) February 28, 2024
The latest rally of Bitcoin’s price is indicative of a continuing bullish mood among investors. It has been fueled in part by factors including increasing institutional adoption via Bitcoin spot ETFs, inflationary fears, and a growing acceptance for Bitcoin within the mainstream. This week has been a record-breaking week for Bitcoin ETFs. Yesterday, BlackRock ETF’s inflows totaled over $520 Million, according to Bloomberg Senior ETF Analyst Eric Balchunas. “the biggest haul for a BTC ETF ever.” BlackRock’s ETF traded around $1.3 billion each day for the past two days.
Whoa.. $IBIT The ETF alone brought in $520,000,000 yesterday. This is the largest haul ever for a bitcoin ETF and 2nd highest of any ETF. $IVV This is the largest cash inflow among ETFs. Now, it’s $8b. This means that the majority of this massive volume is new buying, not arb/algo. pic.twitter.com/tnq7SaN2di
— Eric Balchunas (@EricBalchunas) February 28, 2024
Yesterday spot Bitcoin ETFs acquired 10,050 BTC, currently valued at $615 million. This is a lot of money, but the amount created yesterday by miners was only about 900 BTC. ETFs seem to be accumulating all BTC available, which is driving up the prices. Important to keep in mind is that Bitcoin’s fourth halving is approaching, where the mining reward for creating new bitcoin will be cut in half fromΒ 6.25 BTC toΒ 3.125 BTC per block.
Wow…
Data from February 27, h/t @HODL15Capital) pic.twitter.com/KvttRhHyAm
— Matt Hougan (@Matt_Hougan) February 28, 2024
Bitcoin has seen a steady rise in price since the start of the year. Its value has almost doubled from the beginning of 2024. Bitcoin is now less than $9,000 off its new record. Many market participants wonder if Bitcoin, with its Bitcoin ETFs still attracting inflows and the impending halving, will reach a new record high.
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Source: bitcoinmagazine.com