Bitcoin surged previous the $61,000 mark at the moment, edging nearer to a brand new all-time excessive as spot Bitcoin ETF inflows and investor enthusiasm continues to drive up costs. The milestone comes amid growing curiosity within the Bitcoin market and rising adoption by institutional buyers.
JUST IN: $61,000 #Bitcoin 💥🚀 pic.twitter.com/gMLqQ7inTf
— Bitcoin Journal (@BitcoinMagazine) February 28, 2024
The newest rally in Bitcoin’s value displays ongoing bullish sentiment amongst buyers, fueled by components akin to growing institutional adoption through spot Bitcoin ETFs, inflationary considerations, and rising mainstream acceptance of Bitcoin. This week particularly has been a report breaking week for the Bitcoin ETFs. Yesterday, BlackRock’s ETF took in over $520 million in inflows, which Bloomberg Senior ETF Analyst Eric Balchunas famous it was “the largest haul for a BTC ETF ever.” BlackRock’s ETF has achieved round $1.3 billion in buying and selling quantity on every of the final two days.
Whoa.. $IBIT took in $520 million all by itself yest, largest haul for a btc ETF ever and 2nd most of any ETF yesterday, solely $IVV took in additional cash.. it’s now $8b in aum, prime 5% amongst all ETFs. This implies a great portion of that large quantity was new shopping for vs arb/algo. pic.twitter.com/tnq7SaN2di
— Eric Balchunas (@EricBalchunas) February 28, 2024
Yesterday, spot Bitcoin ETFs bought 10,050 BTC at present price $615 million. To place into context how a lot that is, the quantity of recent Bitcoin created by miners yesterday was solely ~900 BTC. The ETFs look like shopping for up all of the obtainable BTC in the marketplace, driving up the value. You will need to word that Bitcoin’s fourth halving is approaching, the place the mining reward for creating new bitcoin will probably be minimize in half from 6.25 BTC to 3.125 BTC per block.
Wow…
(Knowledge from Feb. 27.; h/t to @HODL15Capital) pic.twitter.com/KvttRhHyAm
— Matt Hougan (@Matt_Hougan) February 28, 2024
Bitcoin has been on a gradual upward pattern because the starting of the 12 months, with its value almost doubling from the beginning of 2024. On the time of writing, Bitcoin is lower than $9,000 away from a brand new all time excessive. And with inflows for the Bitcoin ETFs exhibiting no indicators of slowing down, and with the halving coming, many market individuals are questioning if Bitcoin will hit a brand new all time excessive earlier than the halving for the primary time ever.