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Update 2 pm UTC: Added quotes from James Wo.
An estimated 75% of new Bitcoin investments come from the 10 spot Bitcoin exchange-traded funds (ETFs) that were approved in the United States on Jan. 11.
In the past two weeks, over three-quarters of new Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) investments originated from spot Bitcoin ETFs, excluding Grayscale’s Bitcoin Trust (GBTC) ETF, <a href="https://cryptoquant.com/insights/research/65cce0397f4ffd2b53a998bc-14-February-2024-On-the-back-of-ETF-demand-Bitcoin-Breaches-The-50k-Mark-Amid-Ri" target="_blank" rel="noopener nofollow">according</a> to a Feb. 14&nbsp;report by on-chain data analytics firm CryptoQuant.
“We estimate over 75% of new investment into Bitcoin are coming from these ETFs. Moreover, investment from these ETFs has increased to 2% of the total historical investment in Bitcoin in just one month as measured by the realized market capitalization,” the report said.
Bitcoin rose 1.8% in the 24 hours leading up to 10:45 am UTC on Feb. 15 to trade at $52,354. Bitcoin reached a two-year high of $51,000 on Feb. 14, <a href="https://cointelegraph.com/news/bitcoin-1-trillion-market-cap">propelling its market capitalization above $1 trillion</a><a href="https://cointelegraph.com/news/bitcoin-1-trillion-market-cap"></a>&nbsp;for the first time since November 2021. The total crypto market capitalization is $1.96 trillion, up 2.01% on the day at the time of writing
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/2bc953a9-5df5-4e8a-9fe3-49412a19e11a.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 7-day chart. Source: CoinMarketCap
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</figure>
<a href="https://twitter.com/jjcmoreno/status/1757797640484327613/photo/1" target="_blank" rel="noopener nofollow">According</a> to an X&nbsp;post&nbsp;on Feb. 14 by CryptoQuant head of research Julio Moreno, ETF demand was the main driver behind Bitcoin’s price surge:
<blockquote data-ct-non-breakable="true">
 “Bitcoin has crossed the $50,000 mark mostly on the back of fresh demand from ETFs.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/btc-price-55-4-k-next-warnings-bitcoin-euphoria">BTC price due $55.4K next amid warnings over end of Bitcoin 'euphoria'</a>
The spot Bitcoin ETFs amassed a total of 4,115 Bitcoin, worth approximately $215 million, <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">according</a> to data from Farside Investors. BlackRock’s iShares Bitcoin Trust ETF was responsible for the lion’s share of the inflows, with a total of 4,843 Bitcoin, worth $253 million at the time of writing.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/5b8f3a7d-7776-4657-aa38-a7b8feb3dbad.png" alt="" title="">
 <figcaption style="text-align: center;">
 Spot Bitcoin ETF flows. Source: farside.co.uk
 </figcaption>
</figure>
The CryptoQuant research report expects Bitcoin to breach $56,000 as the next significant price level:
<blockquote data-ct-non-breakable="true">
 “The next target for Bitcoin stands at $56,000 from a network valuation perspective. Valuation indicators are not flashing risks of a meaningful price correction.”
</blockquote>
James Wo, the founder and chief executive officer of crypto investment firm DFG, agreed that ETF inflows are the main reason for Bitcoin reaching $52,000. He told Cointelegraph: “The entirety of spot Bitcoin ETF products now holds a cumulative value of more than $10 billion, with BlackRock buying 12x more BTC daily than is being mined, which means the crypto ecosystem entered a new era of institutional adoption through the spot Bitcoin ETFs.”
However, Bitcoin price faces significant <a href="https://cointelegraph.com/news/bitcoin-faces-52k-brick-wall-bitfinex-btc-price-erases-dip">resistance around $52,000</a>&nbsp;due to a “brick wall of asks on Bitfinex,” up to the $52,300 mark, <a href="https://twitter.com/ColeGarnersTake/status/1757638900871291032" target="_blank" rel="noopener nofollow">according</a> to an&nbsp;X&nbsp;post on Feb. 14 by on-chain analyst Cole Garner.
Related: <a href="https://cointelegraph.com/news/gold-etfs-bleed-this-year-as-bitcoin-etfs-hit-record-volumes">Gold ETFs bleed $2.4B so far in 2024 as Bitcoin ETFs hit record volumes</a>

Bitcoin ETFs account for about 75% of new investments — CryptoQuant

Cointelegraph

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