Bitcoin’s value has soared, touching $50,000 on February 12, a height it had not reached since December 2021. This exciting surge, which is a 3.25% uptick from its intraday low of $47,745, highlights the bullish intent of the cryptocurrency, which has been experiencing a streak of positive activity leading up to the April halving event.
Key to this rally are the recent influxes into spot Bitcoin exchange-traded funds (ETFs). Over the past week, these ETF’s garnered over $1.1 billion, dwarfing the decreased outflows from the Grayscale Bitcoin Trust. Since launching on January 11, these US-based spot Bitcoin ETFs have seen cumulative inflows of $2.8 billion, according to a February 12 report by CoinShares.
This influx, coupled with this recent hike in Bitcoin’s value, has caused total assets under management to reach an impressive $59 billion, the apex since early 2022. To put the soaring value of Bitcoin into perspective, it last exceeded $49,000 over two years ago on December 28, 2021, before falling to a disheartening low of $15,522 on November 9, 2022, due to the FTX debacle.
Despite this tumultuous history, market analysts appear upbeat about this latest rally. Independent trader Rekt Capital brushed off Bitcoin’s achievement, declaring, “The signs were there.” Reflecting on this recent streak, it’s evident that a renewed vigor is fuelling the crypto market.
In fact, BTC’s surge triggered a blitz of crypto liquidations amounting to more than $152 million, with the index still growing at the time of writing. Bitcoin’s short position liquidations have also exceeded $45.56 million, indicating a high level of activity and confidence in the world’s premier cryptocurrency.