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Home CRYPTO

Bitcoin Smashed Past $63,000 Today and Here is Why

Michael Juanico by Michael Juanico
February 28, 2024
in CRYPTO, FEATURED
Reading Time: 3 mins read
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  • Bitcoin price has topped $63K for the first time in over a year, coinciding with massive inflows into spot bitcoin ETFs in the U.S.
  • ProShares and Valkyrie bitcoin ETFs have seen over $1 billion and $100 million in new assets, showing growing institutional demand.
  • Bitcoin has crossed 7 major $1,000 milestones so far in 2022, rapidly hitting new highs, suggesting it could soon retest its all-time high around $69,000.

Spot bitcoin ETFs are seeing massive inflows of money and BTC is crossing $1,000 milestones one after another in quick succession.

BREAKING: $63,000 #Bitcoin 🚀

— BlockNews.com (@blocknewsdotcom) February 28, 2024

Bitcoin Price Crosses $63K

The price of bitcoin rose above $63,000 for the first time in over a year. This milestone comes as spot bitcoin exchange-traded funds (ETFs) in the U.S. are seeing huge inflows of cash.

The price of bitcoin reached as high as $63,729 during early morning trading before settling near $63,000. This is the first time bitcoin’s price has topped $63,000 since April 2021.

Massive Inflows into Spot Bitcoin ETFs

The rise above $63,000 coincides with massive inflows into spot bitcoin ETFs in the U.S. The ProShares Bitcoin Strategy ETF (BITO) and the Valkyrie Bitcoin Strategy ETF (BTF) have seen huge cash inflows lately.

BITO has seen over $1 billion in inflows over the past month. The ETF now has over $1.3 billion in assets under management. Meanwhile, BTF took in over $100 million in a single week recently.

The rapid adoption of spot bitcoin ETFs highlights growing institutional demand. As more institutions invest in bitcoin through these ETFs, bitcoin’s price is likely to continue climbing.

Bitcoin Rapidly Crossing $1,000 Milestones

The move above $63,000 also means bitcoin has now crossed the $1,000 milestone seven times so far in 2022.

Just in the past month, bitcoin went from $50,000 to $51,000, then $52,000 to $53,000, and now from $62,000 to $63,000. At this rate, bitcoin seems likely to hit $70,000 in the near future.

Conclusion

With heavy inflows into spot bitcoin ETFs and bitcoin rapidly crossing major price thresholds, bitcoin’s price momentum remains very bullish. Many analysts predict bitcoin will retest its all-time high near $69,000 soon, and could even reach $100,000 this year as adoption continues growing. The crypto bull market appears to be in full swing.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinBITOBTCSpot bitcoin ETFsValkyrie
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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