2024

Bitcoin

Spot

Bitcoin’s (BTC) price broke above $51,000 on Feb. 14 to form a rare Valentine’s Day winning pattern, while ETF fund inflows suggest a possible $55,000 retest.&nbsp; 
Bitcoin made history on Valentine’s Day as <a href="https://crypto.news/price/bitcoin/">BTC prices</a> rose to a new-yearly peak of $52,040 within the daily time frame on Feb. 14.&nbsp; 
<h2 class="wp-block-heading" id="bitcoin-entersfive-year-valentine-s-day-winning-streak">Bitcoin enters&nbsp;five-year Valentine’s Day winning streak</h2> 
Thanks to an unusually high buying trend among institutional investors, BTC price crossed the $52,000 mark for the first time since 2021, bringing its month-to-date gains to 20%.&nbsp; 
The data shows that Bitcoin price has generated 1.3%, 3.03%, 1.13%, and 1.9% gains in the last four Valentine’s Days, respectively, dating back to 2020. 
BTC price rallied 3.66% to peak at $52,040 within the daily timeframe on Feb. 14, extending its Valentine’s winning streak to five consecutive years.&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="622" src="https://crypto.news/app/uploads/2024/02/image-25.png" alt="Bitcoin (BTC) Price performance, Valentines day 2024" class="wp-image-14248678">
 <figcaption class="wp-element-caption">
 Bitcoin (BTC) price performance, Valentine’s Day 2024 Source: <a href="https://www.tradingview.com/x/WNYPDJ51/" target="_blank" rel="noreferrer noopener">TradingView</a>
 </figcaption>
</figure> 
Breaking it down further, starting in 2020, holders who bought a BTC the night before Valentine’s Day and sold it at midnight would have earned a total profit of $4,196.&nbsp; 
Looking beyond the price charts, BTC spot ETFs have received significant capital inflows this week, which could drive the rally toward $55,000.&nbsp; 
<h2 class="wp-block-heading" id="bitcoin-etfs-aum-crosses-10-billion">Bitcoin ETFs AUM crosses $10 billion</h2> 
In another bullish Valentine’s Day record, BTC spot ETFs saw a record $631 million in net inflows. As the initial uncertainty heralded the Grayscale’s (GBTC) billion-dollar sell-off cools, investors have intensified capital inflows in the spot ETF derivatives products this week. 
As of Feb. 14, the cumulative Asset Under Management (AUM) of all 10 newly-launched spot ETF products has hit $10.9 billion.&nbsp;&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="437" src="https://crypto.news/app/uploads/2024/02/image-26.png" alt="Bitcoin (BTC) Spot ETFs Asset Under Management " class="wp-image-14248679">
 <figcaption class="wp-element-caption">
 Bitcoin (BTC) Spot ETFs Asset Under Management | Source: <a href="https://www.theblock.co/data/crypto-markets/bitcoin-etf/spot-bitcoin-etf-aum-ex-gbtc-daily" target="_blank" rel="noreferrer noopener">TheBlock</a>
 </figcaption>
</figure> 
The ETF entities captured in TheBlock’s computation include BlackRock, Fidelity, ARK Invest/21Shares, Bitwise, Franklin, Invesco/Galaxy, VanEck, Valkyrie, WisdomTree, and Hashdex.&nbsp; 
At the end of the first trading day on Jan. 11, the total AUM of these firms stood at $851 million. This implies the capital stock has grown by 1,150% over the last 31 days at a cumulative daily growth rate of about 9.2%, or $77 million daily.&nbsp; 
Effectively, the chart shows that investors are growing more confident after an initial few weeks of uncertainty, reflected in the accelerated capital inflows.&nbsp; 
If this buying trend continues at its current rate, BTC price looks poised to enter another leg-up towards the $55,000 area in the coming days.&nbsp;

Bitcoin price sets Valentine’s Day winning record: Can it reach $55k?

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