The Bitcoin Rally Continues at Full Speed: Surpasses $59,000 Level!

• The week is proving to be quite positive for spot Bitcoin ETFs. It started on Monday with a massive entry of $520 million and recorded an even stronger entry of $577 million on Tuesday.
• According to BitMEX Research data, spot Bitcoin exchange-traded funds (ETFs) experienced a net inflow of $577 million (or a net inflow of 10,167.5 BTC) on February 27th.
• The BlackRock iShares Bitcoin ETF (IBIT) saw an entry of over $520 million, surpassing the largest entry it had seen so far.

Spot Bitcoin ETFs recorded more than $500 million in inflows, while the Bitcoin price surpassed the $59,000 level on February 28.

Entries Strengthening for Spot Bitcoin ETFs

The week is proving to be quite positive for spot Bitcoin ETFs. It started on Monday with a massive entry of $520 million and recorded an even stronger entry of $577 million on Tuesday. The significant entry came with only BlackRock iShares Bitcoin ETF seeing an entry of $520 million, indicating the likelihood of BTC price reaching $60,000.

According to BitMEX Research data, spot Bitcoin exchange-traded funds (ETFs) experienced a net inflow of $577 million (or a net inflow of 10,167.5 BTC) on February 27th. This marked the largest entry to date, with all nine spot Bitcoin ETFs recording substantial trading volumes. However, Grayscale’s GBTC outflow increased again on Tuesday after a $22.4 million decrease the day before.

The BlackRock iShares Bitcoin ETF (IBIT) saw an entry of over $520 million, surpassing the largest entry it had seen so far. IBIT also recorded a trading volume of $1.3 billion, surpassing the daily trading volume of most major U.S. stocks. Following the latest entry, BlackRock’s net inflow exceeded $6.5 billion, and the asset amount surpassed 141,000 BTC.

Fidelity Bitcoin ETF (FBTC) and Ark 21Shares (ARKB) Bitcoin ETF saw entries of $126 million and $5.4 million, respectively. Bitwise (BITB), VanEck (HODL), and other spot Bitcoins also saw significant entries, indicating a strong bullish sentiment among retail and institutional investors.

Notably, GBTC saw an outflow of $125.6 million, putting aside hopes for a change in the paradigm by increasing from the $22.4 million outflow the previous day. Bloomberg Senior ETF Analyst Eric Balchunas stated that, excluding GBTC, nine new spot Bitcoin ETFs exceeded $2 billion in daily trading volume for the second consecutive day and that the BTC price is holding strong above $57,000.

BTC Price Surpasses $59,000

The Crypto Fear and Greed Index reached its highest level in the last 4 years with a value of 82 today, and market sentiment is currently in the ‘Extreme Greed’ zone. FOMO is spreading to Wall Street as traders’ interest in BTC is extremely high. Experts predict that the BTC price will reach $60,000 before the bitcoin halving.

The BTC price surged to $59,000, with less than 15% remaining to the highest level it reached 27 months ago at $68,600. The 24-hour low and high values are $56,219 and $59,487, respectively. Also, trading volume increased slightly in the last 24 hours, indicating interest among traders.