Bitcoin Goes Parabolic As Massive Inflows In ETFs Push It Beyond $60,000
The top crypto has reached levels not seen since November 2021, jumping 6.5% in the past 24 hours.
Driven by significant inflows in spot Bitcoin Exchange-Traded Funds (ETFs), the crypto market is enjoying a widespread price rally.
For the first time since November 2021, Bitcoin trades for $60,600, notching a 6.5% price increase on the day. Notably, its market capitalization has added $800 billion since Jan. 01, soaring $1.2 trillion, making it the tenth largest asset on earth.
Not just Bitcoin is trending up.
Ethereum, the crypto market’s second-largest asset, is trading for $3,350, a 22% gain over the past two weeks. ETH has outpaced Bitcoin in February, notching a 45% price increase, versus BTC’s 35%.
Memecoin mania is also settling in, as PEPE soars 44% today, along with Solana-based dogwifhat, which has surged 30%, changing hands for $0.74. Seven of the top 10 memecoins are reaping triple digit gains on the week.
Top gainers today also include Arweave, soaring 42.5%, and TON, which climbed to $2.33, a 22.3% increase on the day.
The crypto industry as a whole has reached a total market cap of $2.3 trillion, up 3.9% in the past 24 hours.
Bitcoin ETF Interest
Driving the price rally is surging interest in spot Bitcoin ETFs.
The nine funds have accumulated more than 300,000 BTC since launching on Jan. 11, which represents a whopping 1.5% of the total supply of the asset.
Daily net inflows are hitting records across the board, as BlackRock’s IBIT took in $520 million on its own yesterday, the second-most of any ETF instrument.
According to Eric Balchunas, senior ETF analyst for Bloomberg, the behemoth holds $8 billion in assets under management, reaching the top five for all ETF providers. And it shows no signs of slowing down.
