Bitcoin is nearing the $50,000 mark and has surged for seven consecutive days, according to a recent report. This surge in Bitcoin’s price can be attributed to several factors, including the increasing interest from investors in Bitcoin exchange-traded funds (ETFs). Inflows into Bitcoin ETFs have been on the rise, with over $9 billion in inflows within the first month of their launch. Notably, Bloomberg’s Senior ETF Analyst James Seyffart shared updates on the third-largest inflow since the launch, despite the outflow of Grayscale’s GBTC.
Cointucky Derby Update. BIG net inflow day of over $400 mln. With almost 8 of the newborn nine took in money yesterday. $FBTC officially crossed $3 billion in AUM. $GBTC outflow streak continues with -$101.6 mln out pic.twitter.com/4RX4RsVxki
— James Seyffart (@JSeyff) February 9, 2024
In addition to the excitement surrounding Bitcoin ETFs, Bitcoin’s surge is also influenced by the upcoming Bitcoin Halving event and the Lunar New Year holidays. Analysts have predicted a 190% surge in Bitcoin’s price over the next six months, driven by the halving event scheduled for April 2024. Fundstrat Global Advisors, as mentioned in the Bloomberg report, has stated that sentiment towards Bitcoin is typically positive during the Lunar New Year holidays.
Currently, Bitcoin is trading at $48,143.64, experiencing a marginal decrease of 0.51% in the last 24 hours. However, it has shown a notable increase of 12.75% in the past seven days and 4.58% in the past 30 days. With a market capitalization of $943,744,809,457, Bitcoin continues to maintain its position as the leading cryptocurrency in the market.
Source: Coin Edition
