Bitcoin

BlackRock

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin is on track to record its largest monthly gain, nearly $20,000, in February.</li>
 <li>U.S. spot bitcoin ETFs witnessed a record net inflow of $673.4 million.</li>
</ul>
<h2 id="bitcoin-s-historic-monthly-gain">Bitcoin’s Historic Monthly Gain</h2>
<p>Bitcoin is set to close February with an unprecedented gain of nearly $20,000 since the start of the month. This is the largest monthly increase the digital asset has ever seen, as per Coingecko data. The February green candle for <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>, as depicted on candlestick price charts, is nearing the $20,000 mark, specifically registering at $19,976. The second-largest monthly candle was in October 2021, reaching $17,978, followed by February of the same year, with a length of $15,467.</p>
<p>Candlestick charts are a popular tool among investors and analysts for analyzing price movements and trends in financial markets.</p>
<h2 id="record-inflow-into-bitcoin-etfs">Record Inflow into Bitcoin ETFs</h2>
<p>The notable surge in Bitcoin’s price coincides with U.S. spot bitcoin exchange-traded funds (ETFs) setting a new record for net inflow. On Wednesday, they generated an inflow of $673.4 million, surpassing the previous high of $655.2 million recorded on their launch day, January 11. The IBIT spot bitcoin ETF by BlackRock led the inflow, adding $612.1 million, marking the highest inflow to date, according to data from BitMEX Research.</p>
<p>Jasper De Maere, Research Lead at Outlier Ventures, suggests that the rise in Bitcoin’s price is due to a decrease in selling pressure from Grayscale’s converted GBTC fund. He stated, “February has seen strong institutional bitcoin buying. We’ve regularly seen days with $500 million inflows into bitcoin ETFs throughout the month.”</p>
<p>De Maere anticipates that Bitcoin’s rally will continue, propelled by institutional adoption, a supportive macroeconomic environment, and enthusiasm about Bitcoin’s ecosystem innovation. Stijn Paumen, CEO of Helio, noted that Bitcoin’s current price is just 8% below its all-time high of over $68,000, achieved in November 2021. He said, “We are close to Bitcoin’s all-time high with two months to go before the halving cycle begins.”</p>
<p>The largest digital asset by market cap has risen by over 3% in the past 24 hours, trading at $63,000. The GM 30 Index, which represents a selection of the top 30 cryptocurrencies, has increased by 4.79% to 133.45 in the past 24 hours.</p>

Bitcoin Nears Unprecedented Monthly High in Trading History

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