Bitcoin’s tumultuous saga since its last all-time high in November 2021 has been fraught with pitfalls. Currently, the iconic cryptocurrency appears poised to revisit its highs from three years ago, flirting with the $60,000 mark.
Bitcoin at $60,000, just a few hours left?
After having navigated between 50,000 and 52,000 dollars, Bitcoin has resumed its upward flight to settle around $57,000 yesterday. But judging by the latest data, it seems that this rise is far from coming to an end.
Will it exceed $60,000 today? »
Bitcoin knows a meteoric rise, closing in on $60,000 ($59,508 at 12:01 UTC+3) after starting the day at $57,000. But this surge is far from being a long, quiet river. In just 24 hours, the digital asset market was shaken by a wave of liquidations amounting to approximately $250 million. Coinglass reveals that the short positions were particularly affected, totaling $140 millionwhile liquidations on the long side totaled $100 million, with $70 million coming from short positions.
Meanwhile, the exchange traded funds (ETF) recorded an exceptional day, marking the third best performance of their history. This trend illustrates the growing interest of institutional investors in Bitcoin, with inflows record net worth of $520 millionnotably thanks to BlackRock.
But the agitation does not stop there. Bitfinex was also the scene of the largest withdrawal of bitcoins since 2021, exceeding $240 million. This massive move, equivalent to around 5,000 bitcoins, is largely attributed to the actions of major industry whales.
Record influx into Bitcoin ETFs: BlackRock in the lead
Bitcoin ETFs are seeing a surge, with an impressive influx of $520 million into BlackRock’s IBIT, marking its third best day since launch. Data from BitMEX reveals that total net inflows reached approximately $577 million, equivalent to 10,168 BTC.
This upward trend is confirmed with an increase of approximately $55 million compared to the previous day, reports CryptoSlate.
BlackRock’s IBIT ETF leads the pack with its record entry, bringing its total to $6.5 billion in net inflows. Fidelity’s FBTC follows closely with a strong net inflow of $126 million, reaching a total of $4.5 billion.
These massive inflows into FBTC appear to mirror outflows from GBTC, which peaked at $7.6 billion after three consecutive days of minor outflows.
Combining the net inflows from the remaining seven ETFs, BitMEX brings in an impressive amount of approximately $56 million, testament to the robustness of the market. Overall net inflows thus reach $6.7 billion, the equivalent of approximately 134,000 BTC.
Find other explanations for this recent bitcoin bull run in this article.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
