Bitcoin Price Skyrockets to $57,000 as Nine Bitcoin Exchange-Traded Funds (ETFs) Achieve Record Highs

After almost two weeks of hiatus, the world’s largest Cryptocurrency bitcoin (BTC) smashed previous $57,000 earlier in the present day in an enormous breakout. As of press time, the Bitcoin Price is up 9.62% buying and selling at $56,486 with its Market cap crossing $1.1 trillion for the primary time since 2021.

BTC Decouples from S&P 500

The huge surge within the Bitcoin Price comes on the day when the S&P 500 was Trading in unfavorable territory. On Monday, February 26, the S&P 500 ended 0.5% within the unfavorable whereas bitcoin recorded an upward trajectory with a staggering 10% acquire.

This clearly exhibits that BTC and the broader crypto markets are shedding their reliance on equities. All through historical past, an absence of serious correlation between Cryptocurrency markets and Stock markets has paved the best way for probably the most substantial bull runs for bitcoin (BTC) and Altcoins.

bitcoin has bitcoin-tops-55-000-Price-level-for-first-time-since-late-2021-1.2039575″ target=”_blank”>demonstrated superior efficiency in comparison with conventional Assets resembling shares and gold within the present yr. The ratio evaluating bitcoin’s Price to that of the precious metal has reached its highest level in over two years. Since the beginning of the year, bitcoin’s Price has surged by 33%, persevering with a sustained upward development that has additionally fueled Interest in Altcoins like Ether and BNB.

bitcoin ETFs Set New Information

Since January 11, a complete of $5.6 billion has flowed into a number of important bitcoin ETFs launched within the US, indicating an increasing Interest within the token past devoted digital asset lovers. The forthcoming discount in BTC’s provide development, referred to as the bitcoin halving, additional contributes to the constructive sentiment surrounding the Cryptocurrency.

On Monday, the 9 BTC ETFs mixed recorded an all-time new excessive of $2.4 billion in Trading volumes. Of those BlackRock’s IBIT alone recorded over $1 billion in Trading volumes.

Moreover, Grayscale’s GBTC recorded its lowest outflows to date at $22.4 million. This exhibits the large inflow of institutional Capital into bitcoin ETFs even when the macros look a bit unsure.

On Monday, enterprise intelligence agency MicroStrategy introduced the acquisition of roughly 3,000 extra tokens this month. With this newest buy, the corporate’s bitcoin holdings now quantity to round $10 billion.

Alternatively, whale shopping for has continued in a robust method all through the final month. Greater than 150 new addresses, every holding greater than 1,000 BTC have been created during the last month.

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