- Bitcoin has surged by over 6% in the last 24 hours, exceeding $60,000 for the first time in the past two years and three months.
- According to a post by Balchunas on X, BlackRock’s iShares Bitcoin ETF (IBIT) recorded more than 100,000 individual transactions on February 27th.
- Eric Balchunas, a senior ETF analyst at Bloomberg, reported that nine spot Bitcoin ETFs recorded a combined trading volume of over $2 billion for the second consecutive day on February 28th.
In a period of strong demand for spot Bitcoin ETFs, the price of Bitcoin has finally reached $60,000 today.
Bitcoin Price Surpasses $60,000 after a Long Time
Bitcoin has experienced a more than 6% increase in the last 24 hours, surpassing $60,000 for the first time in the past two years and three months. The last time Bitcoin traded above $60,000 was on November 12, 2021, and it faced a macro downturn, dropping by more than 67% to $19,297 at the beginning of 2022.
The performance of Bitcoin’s price is said to be closely tied to market expectations around the upcoming halving event. Bryan Legend, an investor and CEO of Hectic Labs, told COINOTAG:
“Investors are expecting a decrease in supply to drive prices higher. This is known as a ‘Pre-Halving Rally,’ a better-known event contributing to a new bull market and revived bull market sentiment. Today, we are precisely witnessing that.”
However, according to crypto analyst Rekt Capital, a “pre-halving pullback” may still be on the table. Rekt Capital added that the upcoming Bitcoin halving is not priced in by the market, based on historical market data showing that Bitcoin made significant moves before, not after, previous halvings.
The Rise of Spot Bitcoin ETFs Ignites the Surge
Bitcoin’s bull momentum came two days after spot Bitcoin exchange-traded funds (ETFs) in the United States broke an all-time high daily trading volume of $2.4 billion on February 26th. According to Eric Balchunas, a senior ETF analyst at Bloomberg, nine spot Bitcoin ETFs recorded a combined trading volume of over $2 billion for the second consecutive day on February 28th.
As per Balchunas’s X post, BlackRock’s iShares Bitcoin ETF (IBIT) saw an increase in individual transactions, surpassing 100,000 on February 27th, at a time when the daily average transaction count ranged from 30,000 to 60,000.
According to a report by CryptoQuant, an on-chain data analytics company, as of February 14th, an estimated 75% of new Bitcoin investments came from spot Bitcoin ETFs in the United States.
