bitcoin surpassed the $61,000 mark today, approaching a new all-time high as timely bitcoin ETF inflows and investor enthusiasm continue to push prices higher. The milestone comes amid growing interest in the bitcoin market and growing adoption by institutional investors.
ONLY IN: $61,000 bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin pic.twitter.com/gMLqQ7inTf
– bitcoin Magazine (@BitcoinMagazine) February 28, 2024
The latest bitcoin price rally reflects continued bullish sentiment among investors, driven by factors such as growing institutional adoption via bitcoin spot ETFs, inflation concerns, and growing mainstream acceptance of bitcoin. This week in particular has been a record week for bitcoin ETFs. Yesterday, BlackRock's ETF received over $520 million in inflows, which Eric Balchunas, senior ETF analyst at Bloomberg, noted was “the biggest haul for a btc ETF ever.” The BlackRock ETF has generated about $1.3 billion in trading volume in each of the last two days.
Oh… $GO It still raised $520 million alone, the biggest haul for a btc ETF in history and the second-highest volume of any ETF yesterday, alone $IVV took more cash… now it's $8 billion in Aum, top 5% among all ETFs. This means that a good portion of that massive volume was new purchases against arb/algo. pic.twitter.com/tnq7SaN2di
– Eric Balchunas (@EricBalchunas) February 28, 2024
Yesterday, bitcoin Spot ETFs purchased 10,050 btc currently worth $615 million. To put into context how much this is, the amount of new bitcoin created by miners yesterday was only ~900 btc. The ETFs seem to be buying all the btc available on the market, driving the price up. It is important to note that the fourth bitcoin halving is approaching, where the mining reward for creating new bitcoins will be halved from 6.25 btc to 3.125 btc per block.
Wow…
(Data from February 27; h/ta @HODL15Capital) pic.twitter.com/KvttRhHyAm
– Matt Hougan (@Matt_Hougan) February 28, 2024
bitcoin has maintained a steady upward trend since the beginning of the year, and its price has nearly doubled since the beginning of 2024. At the time of writing, bitcoin is less than $9,000 away from a new all-time high. And with inflows to bitcoin ETFs showing no signs of slowing, and with the halving approaching, many market participants are wondering if bitcoin will hit a new all-time high before the first halving.
