The Bitcoin price has for the first time in 2024, crossed the $60K mark to set a new all-time high for the year as the crypto king trades 18% above its previous 24-hour price as of press time. The recent spike can be attributed to the massive inflows currently being witnessed from Bitcoin ETFs daily. Peter Schiff, a renowned analyst, states that recent weakness in gold stocks can be attributed to investors selling them to buy Bitcoin ETFs instead.
Bitcoin ETF Inflows Not Slowing Down
BitMex Research reported that on Tuesday, Blackrock’s iShares bitcoin ETF (IBIT) had its highest day inflow of $520 million, surpassing the $111.8 million total inflow on Monday. According to the statistics, IBIT’s inflows yesterday were 5% higher than the previous record of $493.1 million, which was established on February 13. They also exceeded the $519.8 million total net inflows recorded on Monday for all U.S. spot bitcoin ETFs combined.
The overall net flows into all spot bitcoin ETFs hit a multi-week high yesterday, according to the BitMex analysis. Since their inception on January 11, spot bitcoin ETFs have had net inflows totaling $6.7 billion.
On the other hand, the K33 market report from Tuesday states that miners have accelerated their pace of accumulation in advance of the anticipated halving event in April. “Publicly traded bitcoin miners have retained an estimated 29% of all bitcoin payouts during the last three months, up substantially.
held a spot price of $60.3K as of press time representing a 6% pump in the last 24 hours as the crypto king’s market cap now stands at an impressive $1.184T
Source: https://blockchainreporter.net/bitcoin-soars-past-the-60k-mark/