Bitcoin Nears $60,000 in Fifth Day Rally, Driven by US Spot ETF Inflows and Rate Cut Anticipation
28 Fevereiro 2024 - 8:45AM
IH Market News
Bitcoin (COIN:BTCUSD) experienced a significant surge, reaching
close to $60,000 on Wednesday, marking its fifth consecutive day of
gains. This rally, driven by substantial inflows into newly
launched U.S. spot bitcoin exchange-traded products (ETPs), has
propelled Bitcoin nearly 40% higher in February alone, potentially
its biggest monthly increase since December 2020.
As of the latest reports, Bitcoin’s value climbed by 4.5% to
$59,244, reaching its peak since December 2021. This surge is
attributed to investors flocking to Bitcoin in anticipation of the
halving event in April—a mechanism designed to reduce the rate at
which new bitcoins are generated. Moreover, the anticipation of
potential rate cuts by the Federal Reserve this year has heightened
investor interest in assets with higher yields or volatility.
Ben Laidler, a global markets strategist at eToro, highlighted
that the momentum behind Bitcoin is supported by consistent inflows
into spot ETFs and optimism surrounding the upcoming halving event
and anticipated Fed rate cuts in June.
This month, the total market value of Bitcoin surpassed the $2
trillion mark for the first time in two years, as reported by
CoinGecko. In just four months, the price of Bitcoin has
doubled.
Significant interest has been observed in the major Bitcoin ETFs
this week, particularly those managed by Grayscale, Fidelity, and
BlackRock, which have seen a surge in trading volumes. Data from
LSEG indicated that approximately 110 million shares of the top
three ETFs were traded on Monday and Tuesday, accounting for about
51% of the total shares traded in the market’s most valuable
companies, such as Apple, Microsoft, and Nvidia. This is a
substantial increase from 15% just three weeks prior.
Joseph Edwards, head of research at Enigma Securities, noted the
early impact of ETF inflows, with a notable increase last week that
has continued. This trend reflects advisors’ swift actions in
promoting these ETFs to their clients.
On Tuesday alone, the ten largest spot Bitcoin ETFs recorded
inflows of $420 million, marking the highest in nearly two weeks,
according to LSEG data.
In related developments, MicroStrategy disclosed its recent
purchase of approximately 3,000 bitcoins for $155 million, and
Reddit announced in a regulatory filing its acquisition of small
amounts of Bitcoin and Ether.
Ether, the world’s second-largest cryptocurrency and the
foundation of the Ethereum blockchain network, also saw a 2.2%
increase to $3,320, reaching a two-year high earlier in the day.
Ether’s price has surged by 47% in February, its largest monthly
gain since a 70% rally in July 2022.
Investors are hopeful that U.S. regulators will approve spot
Ether ETF applications, with Edwards from Enigma Securities
describing the current market uptrend as steady, with a mix of
cautious buying and a slight sense of FOMO (fear of missing
out).
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