Bitcoin experienced a significant surge, reaching over $48,000, as U.S.-based spot bitcoin exchange-traded funds (ETFs) witnessed one of their most substantial net inflows since launching. On Thursday, these ETFs saw their holdings increase by 9,260 BTC, marking a momentous occasion for the cryptocurrency market.
The inflow of over $400 million into spot bitcoin ETFs on Thursday represents their most successful day since January 17, according to data from BitMex Research. This influx of capital contributed to Bitcoin’s price escalation to as high as $48,141 in Friday morning trading hours in the U.S., setting a new record since the introduction of bitcoin ETFs. However, the digital currency encountered a rapid 2% sell-off, dropping to $46,700, before making a swift recovery back above the $47,000 threshold.
At the time of reporting, Bitcoin has seen a 4.5% increase over the past 24 hours, surpassing the performance of the CoinDesk 20 Index (CD20), which tracks the largest cryptocurrencies and advanced by 3.8%.
This notable rise in Bitcoin’s price, coupled with the unprecedented inflows into spot bitcoin ETFs, underscores the growing investor interest and confidence in cryptocurrency as a viable investment option. The recent movements further solidify Bitcoin’s status as the leading crypto by market capitalization and highlight the pivotal role of spot bitcoin ETFs in the digital asset landscape.
