After Bitcoin briefly dipped on Feb. 8th , thanks to an alarming consumer price inflation report in the U.S., the world’s oldest and largest cryptocurrency has come surging back to push past $51,000 in early morning trading.
At the time of writing, the Bitcoin price is sitting at $51,341.12 according to CoinGecko data. It’s gained 2.5% in the past day and a whopping 20% since this time last week.
That’s given BTC a $1 trillion market capitalization for the first time since December 2021 (after having hit the milestone for the first time ever in February of that year).
One of the factors helping Bitcoin along its ascent has been steady flow of good news from the spot Bitcoin ETFs that have now been trading for a full month. The new Bitcoin funds have now seen more than $3 billion worth of net flows—a milestone that doesn’t usually happen within the first month of trading for a new ETF.
For example, it took almost two years for the SPDR Gold Trust (GLD) to see that much investor interest. Tuesday saw the largest single day for net inflows to date for the new ETFs. All the inbound interest has pushed BlackRock’s iShares Bitcoin Trust (IBIT) to 100,000 BTC. There’s growing speculation from investors that Bitcoin has the momentum it needs to set a new all-time high before April.
