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Bitcoin, in a great moment: soars driven by latest inflows to ETFs

Bitcoin, in a great moment: soars driven by latest inflows to ETFs
February 9, 2024 – 09:21

Bitcoin then surpasses the $47,000 mark, reflecting bullish momentum in the digital currency market.

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The recent rise in cryptocurrencies is due to steady flows into several US spot-based funds and anticipation around the halving event in April. He Bitcoin It is trading this Friday around US$47,370, with an increase of 9.8% in the last week and 5.7% in the last 24 hours. While, Ethereum It does so at US$2,508.61 and increases 3.6% in the last day and 8.3% in the week.

New spot-based Bitcoin ETFs sparked investor interest with a streak of 10 consecutive days of net flows, reaching $8 billion this week, indicating strong demand from investors.

This trend is further highlighted by the strong performance of two major funds. In January, ETFs BlackRock and Fidelity were among the top ten for largest inflows.

According to a recent Morningstar report, BlackRock’s iShares Bitcoin Trust (IBIT) ranked eighth with aapproximately $2.6 billion in net flows. The Fidelity Wise Origin Bitcoin ETF (FBTC) ranked 10th with $2.2 billion in net flows.

Halving: new predictions

Adding momentum to the bullish movement Bitcoin There is the growing attention of major investors, or “whales,” who are actively accumulating Bitcoin. Data from on-chain analytics platform LookOnChain show significant transactionsas withdrawals totaling 2,741 BTC, valued at around $118 million, from Binance before the price increase.

Another factor driving Bitcoin’s rise is the upcoming halving scheduled for April. This event, which occurs every four years, halves the oto rewardrgated to miners for maintaining the security of the blockchain.

Personal finance site Finder predicts Bitcoin will peak at $88,000 in 2024. Half of Finder experts sayThey anticipate that the asset will reach a new all-time high six months after the halving event.

Source: Ambito

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