Bitcoin crossed the $61,000 mark today, approaching a new all-time high as spot inflows of Bitcoin ETFs and investor enthusiasm continue to drive prices higher. This achievement comes amid growing interest in the Bitcoin market and increasing adoption by institutional investors.
Just in: $61,000 #Bitcoin 💥🚀 pic.twitter.com/gMLqQ7inTf
— Bitcoin Magazine (@BitcoinMagazine) February 28, 2024
The recent rise in the price of Bitcoin reflects ongoing bullish sentiment among investors, fueled by factors such as increasing institutional adoption through Bitcoin exchange-traded funds, inflationary fears, and growing mainstream acceptance of Bitcoin. This week in particular has been a record week for Bitcoin ETFs. Yesterday, BlackRock's ETF accounted for inflows of more than $520 million, which Eric Balchunas, senior ETF analyst at Bloomberg, noted was “the largest amount for a BTC ETF ever.” BlackRock's ETF generated nearly $1.3 billion in trading volume in each of the past two days.
Stop.. $ goes She raised $520 million on her own yes, which is the largest amount for a Bitcoin ETF ever and the second largest for an ETF just yesterday. $ IVV Got more cash.. Its assets are now worth $8 billion, the top 5% of all ETFs. This means that a large portion of this massive volume was new arb/algo purchases. pic.twitter.com/tnq7SaN2di
– Eric Balchunas (@EricBalchunas) February 28, 2024
Yesterday, Bitcoin ETFs bought 10,050 Bitcoin, currently worth $615 million. To put the size of this amount into context, the amount of new Bitcoin created by miners yesterday was only about 900 BTC. ETFs appear to be buying up all the Bitcoin available in the market, causing the price to rise. It is important to note that the fourth Bitcoin halving is approaching, where the mining reward for creating a new Bitcoin will be halved from 6.25 BTC to 3.125 BTC per block.
amazing…
(Data from February 27; h/t to @HODL15Capital) pic.twitter.com/KvttRhHyAm
– Matt Hogan (@Matt_Hougan) February 28, 2024
Bitcoin has been on a steady upward trend since the beginning of the year, with its price nearly doubling since the start of 2024. At the time of writing, Bitcoin is less than $9,000 away from a new all-time high. With no signs of inflows into Bitcoin ETFs and the halving approaching, many market participants are wondering if Bitcoin will reach a new all-time high before the halving for the first time ever.
