The price of bitcoin continued its remarkable rise on Wednesday morning, rising 6.8% over the last 24 hours to surpass the $61,000 mark for the first time since November 2021.
The largest cryptocurrency is now up almost 20% over the last seven days, according to CoinGecko, bringing its market cap to $1.2 trillion. It was most recently trading at $61,121.
Spot bitcoin ETFs, which were finally approved by the SEC in January, have received huge inflows over the last few days, topping $500 million in each of the last two days. As a group, the ETFs have received $6.7 billion in inflows since Jan. 11, according to BitMEX.
[1/4] Bitcoin ETF Flow – 27 Feb 2024
All data now in.
$576.8m net inflow on 27th Feb, very strong day. Blackrock alone had $520m inflow
Total net inflow since 11th Jan 2024 now $6,726.1m for the ETFs pic.twitter.com/E0zDBkzqxm
— BitMEX Research (@BitMEXResearch) February 28, 2024
According to investor HODL15Capital, the spot bitcoin ETFs collectively purchased about 10,050 bitcoin on Tuesday, while miners currently only produce about 900 bitcoin a day.
Read more: 5 Ways That Spot Bitcoin ETFs Have Smashed All Expectations
“Admittedly I’m a bit surprised by the pace of the gain,” said Jim Hwang, COO at investment firm Firinne Capital, in a text message to Unchained. “However, we’ve been reading that wealth advisors still need to get new funds vetted through their firms’ due diligence process which may take another 3 to 6 months so the marketing engines haven’t fully kicked in yet. We should expect to see more long term investors coming in to buy BTC ETFs as part of their overall diversified portfolios.”
Bitcoin’s price is now starting to approach its all-time high of just over $69,000 reached on Nov. 10, 2021.
UPDATE (Feb. 28 10:35 a.m. ET): Updated headline and latest price levels, and added info and quotes from HODL15Capital and Jim Hwang.
