Bitcoin surged past the $61,000 tag at this time time, edging nearer to a brand contemporary all-time excessive as set Bitcoin ETF inflows and investor enthusiasm continues to pressure up prices. The milestone comes amid rising curiosity in the Bitcoin market and rising adoption by institutional investors.
JUST IN: $61,000 #Bitcoin 💥🚀 pic.twitter.com/gMLqQ7inTf
— Bitcoin Journal (@BitcoinMagazine) February 28, 2024
The most contemporary rally in Bitcoin’s tag displays ongoing bullish sentiment among investors, fueled by elements similar to rising institutional adoption through set Bitcoin ETFs, inflationary concerns, and rising mainstream acceptance of Bitcoin. This week particularly has been a epic breaking week for the Bitcoin ETFs. The day past, BlackRock’s ETF took in over $520 million in inflows, which Bloomberg Senior ETF Analyst Eric Balchunas infamous it was once “the greatest haul for a BTC ETF ever.” BlackRock’s ETF has finished spherical $1.3 billion in trading volume on every of the final two days.
Whoa.. $IBIT took in $520 million all by itself yest, greatest haul for a btc ETF ever and 2nd most of any ETF the previous day, finest $IVV took in additional cash.. it’s a ways now $8b in aum, high 5% among all ETFs. This implies a mighty fragment of that huge volume was once contemporary procuring for vs arb/algo. pic.twitter.com/tnq7SaN2di
— Eric Balchunas (@EricBalchunas) February 28, 2024
The day past, set Bitcoin ETFs purchased 10,050 BTC in the period in-between fee $615 million. To set into context how noteworthy here is, the quantity of contemporary Bitcoin created by miners the previous day was once finest ~900 BTC. The ETFs appear to be procuring for up all of the readily available BTC on the market, riding up the cost. It’s critical to gift that Bitcoin’s fourth halving is drawing advance, where the mining reward for rising contemporary bitcoin shall be prick in half of from 6.25 BTC to three.125 BTC per block.
Wow…
(Information from Feb. 27.; h/t to @HODL15Capital) pic.twitter.com/KvttRhHyAm
— Matt Hougan (@Matt_Hougan) February 28, 2024
Bitcoin has been on a gentle upward constructing since the starting up of the yr, with its tag nearly doubling from the starting up of 2024. On the time of writing, Bitcoin is decrease than $9,000 a ways from a brand contemporary all time excessive. And with inflows for the Bitcoin ETFs showing no signs of slowing down, and with the halving coming, many market participants are questioning if Bitcoin will hit a brand contemporary all time excessive sooner than the halving for the predominant time ever.
