Physical representation of Bitcoin – Photo: Getty Images – Adam Gault
This year, bitcoin has already accumulated a gain of 50% and most of this appreciation occurred in the last few weeks
Bitcoin reached its highest level in two years this Monday (4), surpassing US$66 thousand dollars, bringing the price closer to its record levels.
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At around 1:30 pm, the largest cryptocurrency by market value was trading at US$66,170.83, up 5.7%, after reaching US$66,472 at its highest. Bitcoin reached a record high of $68,999.99 in November 2021.
This year, bitcoin has already accumulated a 50% gain and most of this appreciation occurred in recent weeks, when inflows to bitcoin ETFs (exchange-traded funds) listed in the United States increased.
Spot bitcoin ETFs were approved in the US earlier this year. Its launch paved the way for new major investors and reignited enthusiasm and momentum in the race to 2021 highs.
“Flows are not slowing down as investors feel more confident in higher prices,” said Markus Thielen, head of research at cryptocurrency analytics firm 10x Research in Singapore.
Net flows into the 10 largest U.S. cash bitcoin funds reached $2.17 billion in the week ending March 1, with more than half of that going to BlackRock’s iShares Bitcoin Trust. , according to data from LSEG.
Ether has piggybacked on speculation that it may also soon have exchange-traded funds, which has boosted inflows. Cryptocurrency has risen 50% year-to-date and this Monday it was also trading at two-year highs, up 3.54%, at US$3,551.7.