Bitcoin approaches all-time highs, surpassing $61,000.
Bitcoin surged past $61,000 today, nearing an all-time high as spot Bitcoin ETF inflows and investor enthusiasm continue to push prices higher. This milestone comes amid growing interest in the Bitcoin market and increasing adoption by institutional investors.
Just entered: $61,000 #Bitcoin 🔥🚀 pic.twitter.com/gMLqQ7inTf
— Bitcoin Magazine (@BitcoinMagazine) February 28, 2024
The recent rise in Bitcoin price reflects continued bullish sentiment among investors, driven by factors including increased institutional adoption through spot Bitcoin ETFs, inflation concerns, and growing mainstream acceptance of Bitcoin. In particular, this week was a record week for Bitcoin ETFs. Yesterday, BlackRock’s ETF received inflows of more than $520 million, which Bloomberg senior ETF analyst Eric Balchunas noted was “the largest ever for a BTC ETF.” BlackRock’s ETFs have recorded trading volume of about $1.3 billion in each of the past two days.
and.. $ goes Yes, it made $520 million on its own. This is the largest ever for the BTC ETF and the second-largest return for any ETF yesterday. $IVV We have more cash. Current assets under management are $8 billion, ranking it in the top 5% of all ETFs. This means that a significant portion of the large volume was new purchases for arbitrage/algos. pic.twitter.com/tnq7SaN2di
— Eric Balchunas (@EricBalchunas) February 28, 2024
Yesterday, the spot Bitcoin ETF purchased 10,050 BTC, currently worth $615 million. To give you an idea of ​​how much this is, the amount of new Bitcoin miners created yesterday was only ~900 BTC. The ETF appears to be buying all the BTC available on the market, driving the price up. It is important to note that Bitcoin’s fourth halving is approaching, when the mining reward for creating new Bitcoins will be halved from 6.25 BTC to 3.125 BTC per block.
wow…
(Data from February 27th; h/t ~ @HODL15 Capital) pic.twitter.com/KvttRhHyAm
— Matt Hogan (@Matt_Hougan) February 28, 2024
Bitcoin has continued its steady upward trend since the beginning of the year, with its price nearly doubling since the start of 2024. As of this writing, Bitcoin is less than $9,000 away from a new all-time high. And with inflows into Bitcoin ETFs showing no signs of slowing down and the halving approaching, many market participants are wondering whether Bitcoin will hit new all-time highs before its first ever halving.
