Bitcoin (BTC) experienced a brief downturn in its recent significant rally on Thursday, dipping 2% in value compared to the US dollar. However, there was a turnaround in BTC/USD’s performance by Friday morning.
At the time of this report, the BTC/USD pair had risen by 1.5% for the day, approaching a value just under $62,000.
Over the past week, Bitcoin has seen an impressive gain of more than 20%, and its monthly increase for February is an astonishing 45%. This surge marks one of the most robust bullish periods in its history, with the strongest monthly increase since December 2020.
Bitcoin enthusiasts are now eyeing the record high of $69,000 as their next target, bolstered by significant inflows into exchange-traded funds, widespread investor enthusiasm, and anticipation of the forthcoming ‘halving’ event.
According to Bloomberg, BlackRock’s iShares Bitcoin ETF (IBIT) has emerged as one of the most actively traded ETFs in the United States. The inflow of funds into this new bitcoin ETF market is having a direct positive impact on the spot price of bitcoin.
Apart from the Grayscale Bitcoin Trust (GBTC), which is experiencing outflows due to its higher management fees, other bitcoin ETFs recorded their second-highest trading volume day on Thursday. This followed a record-setting day of trading volumes on Wednesday.
The Bitcoin price is $62,576.14, a change of 0.60% over the past 24 hours as of 1:31 p.m.
