For the first time since November 2021, Bitcoin (BTC) is heading towards a new high with its price now sitting above $61,000.
In the last 24 hours, the world’s leading digital currency by market capitalization registered more than a 6% increase, according to data from CoinMarketCap. With only one day left for the month to end, it is worth noting that Bitcoin’s value has surged by almost 42% in February alone.
At the time of this writing, the coin was trading at $61,135.83. Coinglass data confirms that the Bitcoin rally has triggered the liquidation of approximately $100 million in bitcoin positions, out of which $72 million are shorts.
Spot Bitcoin ETFs Register Massive Inflows
Bitcoin price action is currently having a ripple effect on the spot Bitcoin ETF market as the latter had seen massive inflows in the last couple of weeks. Compared to the beginning of this month when TheCoinRise reported slow adoption of the spot Bitcoin ETFs ascribed to the due diligence process on large trading platforms, the market is currently performing better.
BlackRock’s IBIT registered more than half a billion dollars in inflows on Tuesday and this is the largest daily inflow that the spot Bitcoin ETF has seen since it received approval alongside its counterparts from the United States Securities and Exchange Commission (SEC). In addition, the total net flows for all ten spot Bitcoin ETFs hit a multi-week high yesterday.
Lofty Price Prediction For Bitcoin
Many market experts and analysts strongly believe that Bitcoin will see more price gain in the coming months especially with the halving event coming in April and the growing adoption of Bitcoin ETFs. Michaël van de Poppe, renowned crypto analyst envisions a journey towards peak values ranging from $250,000 to $600,000 during the current cycle.
He highlighted that the sentiment would be driven by liquidity and institutional involvement, a move that the nascent niche is beginning to experience.
Bitcoin Miners Take a Slice of the Market
Ahead of the halving, Bitcoin miners have also gotten busy with the accumulation of the coin. According to data published by the K33 market, “In the past three months, publicly listed bitcoin miners have kept an estimated 29% of all bitcoin rewards, up substantially from the January-November average of 2.5%.”
In the coming days, more investors are likely to try to grab a share of the profit circulating the Bitcoin market presently.
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