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Bitcoin is approaching $60,000!

Wed 28 Feb 2024 ▪ 3 min of reading ▪ by Mikaia A.
Trading

The tumultuous saga of Bitcoin since its last all-time high in November 2021 has been fraught with challenges. Currently, the iconic cryptocurrency appears poised to revisit its peaks from three years ago, flirting with the $60,000 mark.

Un individu à côté d'un bull à tête couverte par un logo de bitcoin

Bitcoin at $60,000, Just Hours Away?

After fluctuating between $50,000 and $52,000, Bitcoin has reignited its upward trajectory to settle around $57,000 yesterday. However, judging by the latest data, this rise seems far from over.

Bitcoin is soaring rapidly, approaching $60,000 ($59,508 at 12:01 UTC+3) after starting the day at $57,000. But this surge is anything but smooth sailing. Within just 24 hours, the digital asset market has been rocked by a wave of liquidations amounting to approximately $250 million. Coinglass reveals that short positions were particularly hit, totaling $140 million, while long side liquidations amounted to $100 million, with $70 million coming from short positions.

In the meantime, exchange-traded funds (ETFs) have recorded an exceptional day, marking their third-best performance in history. This trend illustrates the growing interest of institutional investors in Bitcoin, with record net inflows of $520 million, notably thanks to BlackRock.

But the turbulence doesn’t end there. Bitfinex has also seen the largest withdrawal of bitcoins since 2021, surpassing $240 million. This massive movement, equivalent to about 5,000 bitcoins, is largely attributed to the actions of industry’s big whales.

Record Influx into Bitcoin ETFs: BlackRock Takes the Lead

Bitcoin ETFs are soaring high, with an impressive influx of $520 million into BlackRock’s IBIT, marking its third-best day since launch. Data from BitMEX shows that the total net inflows reached approximately $577 million, equivalent to 10,168 BTC.

This uptrend is confirmed with an increase of about $55 million from the previous day, reports CryptoSlate.

BlackRock’s IBIT ETF dominates the pack with its record entry, bringing its total to $6.5 billion in net inflows. Fidelity’s FBTC follows closely with a solid net entry of $126 million, reaching a total of $4.5 billion.

These massive inflows into FBTC seem to mirror the outflows from GBTC, which have peaked at $7.6 billion after three consecutive days of minor outflows.

Combining the net inflows from the remaining seven ETFs, BitMEX reports an impressive amount of about $56 million, demonstrating the strength of the market. The total overall net inflows thus reach $6.7 billion, equivalent to about 134,000 BTC.

Find in this article more explanations behind this recent Bitcoin bull run.

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Mikaia A. avatar
Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.