- Bitcoin price has topped $63K for the first time in over a year, coinciding with massive inflows into spot bitcoin ETFs in the U.S.
- ProShares and Valkyrie bitcoin ETFs have seen over $1 billion and $100 million in new assets, showing growing institutional demand.
- Bitcoin has crossed 7 major $1,000 milestones so far in 2022, rapidly hitting new highs, suggesting it could soon retest its all-time high around $69,000.
Spot bitcoin ETFs are seeing massive inflows of money and BTC is crossing $1,000 milestones one after another in quick succession.
BREAKING: $63,000 #Bitcoin
— BlockNews.com (@blocknewsdotcom) February 28, 2024
Bitcoin Price Crosses $63K
The price of bitcoin rose above $63,000 for the first time in over a year. This milestone comes as spot bitcoin exchange-traded funds (ETFs) in the U.S. are seeing huge inflows of cash.
The price of bitcoin reached as high as $63,729 during early morning trading before settling near $63,000. This is the first time bitcoin’s price has topped $63,000 since April 2021.
Massive Inflows into Spot Bitcoin ETFs
The rise above $63,000 coincides with massive inflows into spot bitcoin ETFs in the U.S. The ProShares Bitcoin Strategy ETF (BITO) and the Valkyrie Bitcoin Strategy ETF (BTF) have seen huge cash inflows lately.
BITO has seen over $1 billion in inflows over the past month. The ETF now has over $1.3 billion in assets under management. Meanwhile, BTF took in over $100 million in a single week recently.
The rapid adoption of spot bitcoin ETFs highlights growing institutional demand. As more institutions invest in bitcoin through these ETFs, bitcoin’s price is likely to continue climbing.
Bitcoin Rapidly Crossing $1,000 Milestones
The move above $63,000 also means bitcoin has now crossed the $1,000 milestone seven times so far in 2022.
Just in the past month, bitcoin went from $50,000 to $51,000, then $52,000 to $53,000, and now from $62,000 to $63,000. At this rate, bitcoin seems likely to hit $70,000 in the near future.
Conclusion
With heavy inflows into spot bitcoin ETFs and bitcoin rapidly crossing major price thresholds, bitcoin’s price momentum remains very bullish. Many analysts predict bitcoin will retest its all-time high near $69,000 soon, and could even reach $100,000 this year as adoption continues growing. The crypto bull market appears to be in full swing.
