Bitcoin price surged above $54,000 as inflows into BTC ETFs and other crypto-based funds continued to drive the crypto market higher, hitting a two-year high of $54,910 on Binance.
There are many factors that trigger the current price movement of cryptocurrencies. BTC This includes Bitcoin ETF inflows, the upcoming halving, and overall positive sentiment from retail and institutional investors.
Bitcoin flows reach $570 million
As reported by CoinShares, BTC investment products It has inflows of 99% of the total inflows.in the last 7 days
Additionally, the Bitcoin ETF has continued to see inflows totaling $5.5 billion since its market launch on January 11, according to data from Yahoo Finance, with the crypto product overall netting $5.8 billion since trading began. According to CoinShares data
The share price of Bitcoin ETFs also rose alongside the price of BTC, with BlackRock’s IBIT Bitcoin ETF price rising 5% shortly after Wall Street opened on Monday, February 26, to hit an all-time high.
Continuous accumulation of institutional investors
MicroStrategy It is the largest corporate holder of Bitcoin. On February 26 on social media platform
The company currently holds a total of 193,000 Bitcoin, which was acquired for $6.09 billion at an average price of $31,544.
Moreover, all 10 Bitcoin ETFs in the US have held a total of 5,500 BTC since their launch on January 11, according to Farside Investors.
Institutional investors’ continued accumulation of Bitcoin is likely to trickle down to retail investors as well. who tend to buy more BTC after anticipating a price increase.
Open interest in Bitcoin futures continues to increase.
Data from Coinglass shows increased open interest in the Bitcoin futures market, increasing 102% from mid-October to its current value of $23.43 billion. And it was close to its record high of $24 billion in November 2021 when Bitcoin hit an all-time high of over $69,000.
Investors are expecting the new round of Bitcoin’s positive price movement to continue. As Bitcoin ETF inflows increase and the halving event approaches,
refer : cointelegraph.com
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