- Bitcoin has gained nearly $20,000 in price so far in February 2023, setting a new record for the largest monthly price increase in its history.
- Spot bitcoin ETFs took in $6.7 billion in record inflows on Wednesday from institutional investors, surpassing previous highs.
- With bitcoin trading above $63,000, it is now within 8% of its all-time high price of $68,000 from November 2021 as analysts remain bullish on further gains.
Bitcoin is on track to post its largest ever monthly price gain in February 2023, nearing $20,000 in growth since the start of the month. This massive surge comes as spot bitcoin ETFs see record inflows from institutional investors.
The Largest Monthly Gain on Record
According to data from Coingecko, bitcoin’s price has increased by almost $20,000 so far in February. This dwarfs the previous record monthly gain of $17,978 set in October 2021. February 2021 ranks third with a $15,467 monthly increase. Candlestick price charts clearly visualize this unprecedented growth via bitcoin’s giant green monthly candle.
Spot Bitcoin ETFs Hit New Highs
The price boost coincides with US spot bitcoin ETFs generating $6.7 billion in record net inflows on Wednesday, beating the previous high of $6.5 billion from their launch day. BlackRock’s IBIT was the leader, adding $6.1 billion in inflows.
Institutional flows into spot bitcoin ETFs have been consistently strong all month. Analysts cite declining selling pressure from Grayscale’s GBTC as a factor enabling heavy institutional buying. The robust macro environment and excitement around bitcoin innovation are also credited with sustaining this rally.
Bitcoin Nears All-Time High
With bitcoin changing hands above $63,000 on Thursday, the cryptocurrency is now less than 8% below its historic peak of $68,000 from November 2021. Analysts suggest the rally has room to continue in the coming months before the next halving cycle starts.
Conclusion
February 2023 is on pace to deliver bitcoin’s largest ever monthly price candle, totaling close to $20,000 in gains. This unprecedented surge is empowered by record spot bitcoin ETF inflows from institutions. As bitcoin nears its former all-time high, analysts are optimistic the rally can persist moving forward. The crypto asset’s massive green monthly candle signals a historic milestone for its incredible price performance this month.
