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Bitcoin breakout roars ahead, bitcoin ETFs hit new highs

Published 29/02/2024, 09:15
Updated 29/02/2024, 09:15
© Reuters Bitcoin breakout roars ahead, bitcoin ETFs hit new highs

Proactive Investors - Bitcoin (BTC) topped $64,000 on Wednesday as the world’s largest cryptocurrency continues to approach its $69,000 all-time high target.

Though BTC/USD closed Wednesday below $62,500 after witnessing some selling pressure, daily gains still exceeded 9%, marking the strongest one-day session in over four months.

Bitcoin is now up a stonking 21% week on week, and nearly 50% year to date, thanks to a combination of exchange-traded fund inflows and FOMO.

BlackRock’s iShares Bitcoin ETF (IBIT) took in a record $612 million in cash on Wednesday, with total net inflows across all 10 ETFs totalling $673 million, also a record, according to Bloomberg data.

IBIT has now crossed $9 billion in assets under management. Given the significant outflows from the Grayscale Bitcoin Trust (GBTC), total net inflows across all bitcoin ETF products are around $7.4 billion.

This cash goes to purchasing bitcoin on the spot markets, which has helped bolster bitcoin to soaring highs.

Ethereum (ETH), the second-largest cryptocurrency, has rallied 17% against the US dollar over the past seven days, bringing the ETH/USD spot price close to $3,500 for the first time in nearly two years.

In the wider altcoin space, Solana (SOL) is up 23% week on week, while Dogecoin (DOGE) has shot up over 50%.

Global cryptocurrency market capitalisation currently stands at $2.33 trillion, with bitcoin dominance set at 54.5%.

Read more on Proactive Investors UK

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