6 months ago
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History will be rewritten if Bitcoin reaches $70,000 before halving.
Bitcoin is rocking. Its price smashed through $65,000 earlier today as bears refused to dominate. The flagship crypto is only almost 6% away from its historical high of $69,000 in November 2021. If Bitcoin successfully reaches $70,000, its history will be rewritten.
Data from Alternative.me shows that the crypto fear and greed index hit 83/100 yesterday. This is the highest level since Bitcoin’s peak of $69,000, suggesting that investors are “extremely” confident in the potential of Bitcoin’s price.
Last week, BTC surpassed $60,000 before extending its rally to $64,000. The rally was fueled by institutional accumulation, especially by US spot Bitcoin exchange-traded funds (ETFs) and big corporations like MicroStrategy. Moreover, there were speculations that Jeff Bezos sold $8.5 billion in Amazon stock to buy Bitcoin.
According to BitMEX Research’s update last Saturday, the total cumulative trading volume of US spot Bitcoin ETFs has recorded more than $7.3 billion in net inflows since their first trading day.
[1/4] Bitcoin ETF Flow – 01 March 2024
Almost all data in, just missing Invesco
$139.5m net outflow on 1st March, due to large $492m GBTC outflow pic.twitter.com/6dSkQ8ZNNG
— BitMEX Research (@BitMEXResearch) March 2, 2024
As reported by Bloomberg ETF analyst Eric Balchunas, BlackRock’s spot Bitcoin fund (IBIT) has accumulated over $10 billion worth of Bitcoin and officially joined the “$10 Billion Club.”
$IBIT the newest member of the $10 Billion Club, fastest ever to get there.. Only 152 ETFs in this club (out of 3,400) incl $GBTC. First $10b so touch bc so much has to come from flows (in $IBITs case 78% of aum is flows). Second $10b easier bc mkt appreciation bigger variable pic.twitter.com/FwysL4GSGk
— Eric Balchunas (@EricBalchunas) March 1, 2024
With bullish momentum building up, the total crypto market cap has risen 4% to above $2.5 trillion in the last 24 hours. Other large-cap altcoins have also seen an uptick. Over the past 24 hours, Ethereum (ETH) has surged past $3,500, setting a new peak of nearly 2 years, CoinGecko’s data shows.
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