Bitcoin is approaching $60,000!

The tumultuous saga of Bitcoin since its last all-time high in November 2021 has been fraught with challenges. Currently, the iconic cryptocurrency appears poised to revisit its peaks from three years ago, flirting with the $60,000 mark.

Bitcoin at $60,000, Just Hours Away?

After fluctuating between $50,000 and $52,000, Bitcoin has reignited its upward trajectory to settle around $57,000 yesterday. However, judging by the latest data, this rise seems far from over.

#Bitcoin is now above $59K.

Will it break $60K today? pic.twitter.com/MyNTJcLZG9

— CoinGecko (@coingecko) February 28, 2024

Bitcoin is soaring rapidly, approaching $60,000 ($59,508 at 12:01 UTC+3) after starting the day at $57,000. But this surge is anything but smooth sailing. Within just 24 hours, the digital asset market has been rocked by a wave of liquidations amounting to approximately $250 million. Coinglass reveals that short positions were particularly hit, totaling $140 million, while long side liquidations amounted to $100 million, with $70 million coming from short positions.

In the meantime, exchange-traded funds (ETFs) have recorded an exceptional day, marking their third-best performance in history. This trend illustrates the growing interest of institutional investors in Bitcoin, with record net inflows of $520 million, notably thanks to BlackRock.

But the turbulence doesn’t end there. Bitfinex has also seen the largest withdrawal of bitcoins since 2021, surpassing $240 million. This massive movement, equivalent to about 5,000 bitcoins, is largely attributed to the actions of industry’s big whales.

Record Influx into Bitcoin ETFs: BlackRock Takes the Lead

Another intense volume day for the Nine with well over $2b traded. $IBIT broke its personal record again w/ $1.3b (for context that's more than most large cap US stocks trade). I don't know if this is a new normal or some kind of short-term algo/arb-related burst a la $HODL. pic.twitter.com/KkCkdQKe9r

— Eric Balchunas (@EricBalchunas) February 27, 2024

Bitcoin ETFs are soaring high, with an impressive influx of $520 million into BlackRock’s IBIT, marking its third-best day since launch. Data from BitMEX shows that the total net inflows reached approximately $577 million, equivalent to 10,168 BTC.

This uptrend is confirmed with an increase of about $55 million from the previous day, reports CryptoSlate.

BlackRock’s IBIT ETF dominates the pack with its record entry, bringing its total to $6.5 billion in net inflows. Fidelity’s FBTC follows closely with a solid net entry of $126 million, reaching a total of $4.5 billion.

These massive inflows into FBTC seem to mirror the outflows from GBTC, which have peaked at $7.6 billion after three consecutive days of minor outflows.

Combining the net inflows from the remaining seven ETFs, BitMEX reports an impressive amount of about $56 million, demonstrating the strength of the market. The total overall net inflows thus reach $6.7 billion, equivalent to about 134,000 BTC.

Find in this article more explanations behind this recent Bitcoin bull run.