2024

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<p>The tumultuous saga of Bitcoin since its last all-time high in November 2021 has been fraught with challenges. Currently, the iconic cryptocurrency appears poised to revisit its peaks from three years ago, flirting with the $60,000 mark.</p>
<h2 id="h-bitcoin-at-60-000-just-hours-away">Bitcoin at $60,000, Just Hours Away?</h2>
<p>After fluctuating between $50,000 and <a href="https://www.cointribune.com/en/bitcoin-goes-up-and-down-52000-benchmark-soon-to-be-a-memory/" target="_blank" rel="noopener noreferrer nofollow">$52,000</a>, <strong>Bitcoin has reignited its upward trajectory</strong> to settle around <a href="https://www.cointribune.com/en/bitcoin-continues-its-ascent-and-reaches-57000-crypto-analysis-of-february-27-2024/" target="_blank" rel="noopener noreferrer nofollow">$57,000 yesterday</a>. However, judging by the latest data, this rise seems far from over.</p>
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     <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is now above $59K.<br><br>Will it break $60K today? <a href="https://t.co/MyNTJcLZG9" rel="noopener noreferrer nofollow">pic.twitter.com/MyNTJcLZG9</a></p>— CoinGecko (@coingecko) <a href="https://twitter.com/coingecko/status/1762763689982308450?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 28, 2024</a>
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<p>Bitcoin is <strong>soaring rapidly</strong>, approaching $60,000 ($59,508 at 12:01 UTC+3) after starting the day at $57,000. But this surge is anything but smooth sailing. Within just 24 hours, the digital asset market has been rocked by <strong>a wave of liquidations amounting to approximately $250 million</strong>. <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">Coinglass</a> reveals that <strong>short positions</strong> were particularly hit, totaling <strong>$140 million</strong>, while long side liquidations amounted to $100 million, with $70 million coming from short positions.</p>
<p>In the meantime, <strong>exchange-traded funds</strong> (ETFs) have recorded an exceptional day, marking their <strong>third-best performance</strong> in history. This trend illustrates the growing interest of institutional investors in Bitcoin, with record <strong>net inflows of $520 million</strong>, notably thanks to BlackRock.</p>
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<p>But the turbulence doesn’t end there. <strong>Bitfinex </strong>has also seen the largest <strong>withdrawal of bitcoins</strong> since 2021, surpassing <strong>$240 million</strong>. This massive movement, equivalent to about 5,000 bitcoins, is largely attributed to the actions of industry’s big whales.</p>
<h2 id="h-record-influx-into-bitcoin-etfs-blackrock-takes-the-lead">Record Influx into Bitcoin ETFs: BlackRock Takes the Lead</h2>
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     <p lang="en" dir="ltr">Another intense volume day for the Nine with well over $2b traded. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$IBIT</a> broke its personal record again w/ $1.3b (for context that's more than most large cap US stocks trade). I don't know if this is a new normal or some kind of short-term algo/arb-related burst a la <a href="https://twitter.com/search?q=%24HODL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$HODL</a>. <a href="https://t.co/KkCkdQKe9r" rel="noopener noreferrer nofollow">pic.twitter.com/KkCkdQKe9r</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1762589798827458693?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 27, 2024</a>
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<p>Bitcoin ETFs are soaring high, with <strong>an impressive influx of $520 million into BlackRock’s IBIT</strong>, marking its third-best day since launch. Data from BitMEX shows that the total net inflows reached approximately $577 million, equivalent to 10,168 BTC.</p> 
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<p>This uptrend is confirmed with an increase of about $55 million from the previous day, reports <a href="https://cryptoslate.com/insights/blackrocks-ibit-leads-with-record-520-million-inflow-3rd-best-day-since-launch/" target="_blank" rel="noopener noreferrer nofollow">CryptoSlate</a>.</p>
<p>BlackRock’s IBIT ETF dominates the pack with its record entry, bringing its total to <strong>$6.5 billion in net inflows</strong>. Fidelity’s FBTC follows closely with a solid net entry of $126 million, reaching a total of $4.5 billion.</p>
<p>These massive inflows into FBTC seem to mirror the outflows from GBTC, which have peaked at $7.6 billion after three consecutive days of minor outflows.</p>
<p>Combining the net inflows from the remaining seven ETFs, BitMEX reports an impressive amount of about $56 million, demonstrating the strength of the market. The total overall net inflows thus reach $6.7 billion, equivalent to about 134,000 BTC.</p>
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<p>Find in this article <a href="https://www.cointribune.com/en/bitcoin-the-reasons-behind-the-spectacular-rise-of-the-leading-cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">more explanations</a> behind this recent Bitcoin bull run.</p>

Bitcoin is approaching $60,000!

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