Bitcoin (BTC) has surged above $60,000 amid the strongest three-day rally in recent memory.
The world’s largest cryptocurrency has added over 15% against the US dollar week on week, bringing the BTC/USD to $60,500 (£47,838) at the time of writing.
It marks the first time bitcoin has surpassed $60,000 since the unprecedented bull run in November 2021.
Bitcoin bulls are now eyeing up $69,000, which is where the cryptocurrency’s all-time high is currently set.
Sustained inflows into spot-bitcoin exchange-traded funds are keeping optimism in the spot markets alive, with Bloomberg data showing a record day of inflows yesterday for BlackRock’s iShares Bitcoin ETF (IBIT).
Per Bloomberg data, IBIT saw $520 million in cash inflows yesterday alone, bringing total assets under management to $8 billion, making IBIT among the top 5% of all ETFs by size.
Whoa.. $IBIT took in $520 million all by itself yest, biggest haul for a btc ETF ever and 2nd most of any ETF yesterday, only $IVV took in more cash.. it is now $8b in aum, top 5% among all ETFs. This means a good portion of that massive volume was new buying vs arb/algo. pic.twitter.com/tnq7SaN2di— Eric Balchunas (@EricBalchunas) February 28, 2024