Analysts noted how the spot Bitcoin ETF inflows had surged over $2 billion last week, which could have played a role in helping BTC consolidate over the $50,000 mark.
After a brief slowdown, Bitcoin traded between $51,000 and $52,000 in the last 24 hours. It had dipped closer to $50,000 but went through a gradual recovery. Meanwhile, the spot Bitcoin ETF inflows were consistently above $2 billion last week. The increasing inflows could have helped market sentiments stay bullish.
Noting the encouraging numbers, Bloomberg analyst Eric Balchunas said, “The 10 Bitcoin ETFs netted +$2.3b last week. For context, that is more than any other ETF (out of 3,400) took in. $IBIT alone was #2. This brings total net to +$5b, which is more than BlackRock as a whole has taken in.”
As a result, Bitcoin’s adoption could also get boosted as more investors get exposure to the crypto market through the ETFs. Moreover, experts claim BTC could have more room for growth until the Bitcoin halving event. Further growth may also aid Bitcoin’s adoption as a mature asset class.
The last time BTC hit its all-time highs, interest rates were low. This year, the possibility of the Federal Reserve slashing interest rates may also induce a crypto rally. Other macroeconomic factors could stay uncertain till then.
Most altcoins were stagnant during the weekend, with low trading volumes. A few saw positive returns, like ADA, LINK, and DOT.
BTC/USD 1D price chart
Bitcoin is currently trading at around $51,500 on February 18, 2024, with BTC/USD trading lower by a margin of 0.7% in the last 24 hours. Bitcoin’s market cap was trading at around $1 trillion.
BTC/USD is trading higher than its 20-day EMA (44,693.44), as BTC’s 24-hour volume was at around $21 billion. The crypto market cap decreased by around 0.01%, trading above $1.96 trillion. BTC’s year-to-date returns are at 23.13%.
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