Future

Bitcoin

when

Spot

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s price briefly rose above $64,000 on Feb. 28, driven by record volumes in spot Bitcoin ETFs and increased crypto liquidations.</li>
 <li>Spot Bitcoin ETFs saw record daily inflows, and Bitcoin’s market capitalization increased to $1.23 billion.</li>
</ul>
<p>On Feb. 28, the price of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) briefly surged past $64,000 before retreating to the $62,000 zone. This increase in BTC price was accompanied by record volumes in spot Bitcoin ETFs and a spike in crypto liquidations. At 3:35 pm UTC, the leading cryptocurrency was trading at $62,669, marking a 5% rise over the previous 24 hours.</p>
<h2 id="bitcoin-s-trading-volume-and-market-cap">Bitcoin’s Trading Volume and Market Cap</h2>
<p>The recent rally resulted in a 93% increase in Bitcoin’s daily trading volume, reaching $90.2 billion. Additionally, Bitcoin’s market capitalization rose to $1.23 billion, solidifying its position as the most valuable cryptocurrency.</p>
<p>The surge in Bitcoin’s price is largely attributed to increased inflows into the new spot Bitcoin ETFs. On Feb. 28, as BTC soared past $64,000, these ETFs recorded a record $673 million of net inflows. This exceeded the previous high of $655.2 million set on Jan. 11 when they began trading.</p>
<h2 id="spot-bitcoin-etfs-and-crypto-liquidations">Spot Bitcoin ETFs and Crypto Liquidations</h2>
<p>BlackRock’s spot Bitcoin ETF, IBIT, contributed around $6.12 million of that amount, marking its highest inflow to date. Fidelity’s ETF (FBTC) came second with approximately $245.2 million, followed by ARK Invest 21Shares’ ARKB with $23.8 million. On the other hand, Grayscale’s ETF (GBTC) recorded outflows totalling $216.4 million on Feb. 28.</p>
<p>Bitcoin’s price volatility led to substantial liquidations of leveraged positions across the crypto market. As the price hovered around $63,500 during the early Asian trading hours on Feb. 29, short positions worth $435 million were liquidated over the last 24 hours, compared to $364 million long liquidations.</p>
<p>As the New York trading session commenced with prices around $62,500, a total of $683 million — comprising $341 million in longs and $341 million in shorts—were liquidated within 24 hours.</p>
<p>With increasing inflows into spot Bitcoin ETFs and the impending supply halving event, investors anticipate the continuation of Bitcoin’s bullish price action.</p>
<h2 id="bitcoin-s-future-outlook">Bitcoin’s Future Outlook</h2>
<p>Independent analyst Ali shared a chart showing that Bitcoin’s price faces “literally no resistance ahead.” The chart revealed a significant support zone between $54,300 and $56,200, where approximately 903,540 addresses previously bought nearly 500,000 BTC.</p>
<p>The weekly chart shows that the above-mentioned support level has previously provided a good bounce level for BTC. This was evident in 2021 when the price first set a swing high at $64,500 and later reached all-time highs at $69,000 on Nov. 10 that year.</p>
<p>However, Ali cautioned short-term traders that the TD Sequential indicator had flashed a sell signal on the four-hour chart. If this is confirmed, it may result in “$BTC price corrections between 1.50% and 4.20%,” as has happened in the past.</p>

Surging Above $62K, Bitcoin ETFs Experience Unprecedented Trading Volumes

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