Tuesday, February 27, 2024

Spot Bitcoin ETFs Attract $400 Million, Lifting Bitcoin to $47K.

As U.S based spot bitcoin exchange-traded funds (ETFs) reported one of their biggest net inflows on Thursday since their launch, Bitcoin BTC surged above $47,000 on Friday.

The biggest cryptocurrency by market capitalization surged to a peak of $47,699, the most since the day the bitcoin ETF was introduced, but it quickly sold off to $46,700. Prices soon recovered, barely surpassing $47,000. As of the time of writing, the CoinDesk 20 Index (CD20), a gauge of the largest cryptocurrencies, had increased 3.8%, while Bitcoin had gained 4.5% over the previous day.

Based on the issuers’ website, CoinDesk calculated that spot ETFs increased their net bitcoin holdings by 9,260 BTC, which caused the price surge. According to BitMex Research data, that equated to inflows of nearly $400 million, the biggest amount since January 17.
According to James Seyffart, an ETF analyst at Bloomberg Intelligence, “this is the third biggest inflow day for the group since their launch,” as stated in an X article. “Still a big day.”

Despite a week-long increase of about 10% for bitcoin, economists believe there is still room for growth.

The short-term objective for bitcoin, according to Markus Thielen of 10X Research, is $48,000 due to significant historical increases over the Chinese New Year celebrations. In the mid-term, he expected BTC to hit $52,000 in March, completing the fifth wave of its climb.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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