Bitcoin price at highest level in more than 2 years

Bitcoin investment products saw an inflow of nearly $600 million last week, according to the latest report from CoinShares. All together, this marks the fourth consecutive week of inflows for crypto investment products.

Bitcoin ETF inflows continue with a further US$598m last weekhttps://t.co/LxJ6BSBlH0

— James Butterfill (@jbutterfill) February 26, 2024

It is mainly the Spot Bitcoin ETFs that make a huge contribution to this.

Bitcoin price reaches highest level in more than 2 years

With this positive inflow, the bitcoin price has also started a new rise. During the night from Monday to Tuesday, the price even shot up to $57,000.

At the time of writing, the bitcoin price clocked in at $55,895 and a small part of that increase has already been lost. Despite this, there is still an increase of 8.40 percent on the boards over the past 24 hours.

Since the beginning of the year, according to CoinShares, $5.7 billion in institutional capital has already flowed into bitcoin.

“Earlier this week, total assets under management of crypto investment products peaked at $68.3 billion. That is the highest level since December 2021. But that still puts us a long way from the all-time high of $87 billion that we saw in November 2021,” said James Butterfill of CoinShares.

Spot Bitcoin ETFs are driving the market

This positive data follows a gigantic buying wave, mainly driven by the Spot Bitcoin ETFs.

While Graysacle had to record an outflow of $432.9 million for the past week, this was more than offset by the inflows of $543.5 million and $335.6 million from BlackRock and Fidelity.

ARK 21 Shares also had a good week with its Spot Bitcoin ETF. They were allowed to record an inflow of $79.3 billion, bringing them to a total of $1.577 billion for 2024.

Bitcoin currently dominates the institutional investor market, with inflows of $570 million. That accounts for 95 percent of the total inflows. Ethereum followed in second place with $16.8 million.