Bitcoin price breaks through $60,000 mark as ETF inflows surge
The price of bitcoin rose above the $60,000 mark, according to The Block’s Price Page.On Tuesday, net flows into spot bitcoin ETFs reached a multi-week high, with BlackRock’s IBIT registering its largest daily inflow to date.
The world's largest cryptocurrency by market capitalization increased by over 6% in the past 24 hours, hitting $60,000 at 8.22 a.m. ET, according to The Block's Price Page . Meanwhile, the GM 30 Index , representing a selection of the top 30 cryptocurrencies, has increased by 2.8% to 125.37 in the past 24 hours.
The price action caused the liquidation of over $100 million in bitcoin positions — with almost $72 million being shorts, according to Coinglass data . Bitcoin's value has appreciated by over 42% since the beginning of February, with the foremost cryptocurrency's dominance now standing at 50.3%, compared to 17.2% for ether .
BlackRock's IBIT records largest daily inflow
According to BitMex Research , Blackrock's iShares bitcoin ETF (IBIT) recorded its largest daily inflow of $520 million on Tuesday, eclipsing Monday's total inflow of $111.8 million.
IBIT’s inflows yesterday were 5% higher than the previous $493.1 million record set on Feb. 13, eclipsing the $519.8 million total net inflows registered on Monday for all U.S. spot bitcoin ETFs combined, according to BitMEX Research data .
The BitMex research added that total net flows into all spot bitcoin ETFs reached a multi-week high yesterday. The total net inflows into spot bitcoin ETFs since their launch on January 11 now total $6.7 billion.
Bitcoin miners accumulating
According to Tuesday's K33 market report, miners have increased their accumulation rate ahead of April's expected halving event. "In the past three months, publicly listed bitcoin miners have kept an estimated 29% of all bitcoin rewards, up substantially from the January-November average of 2.5%," K33 analysts said.
The report added that the increased accumulation rate from bitcoin miners likely stems from two components: increased prices and some miners holding off sales to supplement lower rewards after the halving.
According to K33, bitcoin tends to rally into the halving and then consolidate. "For the previous three halving cycles, bitcoin’s average pre-halving 50-day return sits at a solid 30%. Interestingly, all halvings have been followed by a modest 50-day performance, with bitcoin, on average, seeing a 50-day post-halving return of 3%," the report added.
As of now, the halving is expected to happen on April 20, which means we will be entering the 50-day pre-halving window in a few days time.
Retail enthusiasm increasing
Another supporting factor that may be boosting the price action of bitcoin is the signs of growing retail activity in the cryptocurrency market.
"Coinbase's filings on February 15 revealed that their trading volumes hit their lowest in Q3 of 2023, but since then, there has been a noticeable increase in retail participation. This uptick aligns with the growing interest among retail communities, particularly in areas such as gaming, NFTs, and social platforms, which have garnered increased attention over the past month," Ryze Labs analysts said in an email sent to The Block.
According to the above data, retail activity on Coinbase is increasing. Image: Coinbase.
The analysts supported their comments with data from Coinbase that showed both trading volume and retail activity on the exchange increasing from Q3 to Q4 2023. This uptick in retail activity has reversed a multi-year downtrend.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Hotcoin Research | Fusaka Upgrade Approaching: Analysis and Outlook on Ethereum Long and Short Positions
This article will review Ethereum's recent performance, provide an in-depth analysis of the current bullish and bearish factors facing Ethereum, and look ahead to its prospects and trends for the end of this year, next year, and the medium to long term. The aim is to help ordinary investors clarify uncertainties, grasp trends, and provide some reference to support more rational decision-making during key turning points.

Crypto Market Surges as Bitcoin Rebounds and Privacy Coins Shine
In Brief Bitcoin rebounded over the weekend, testing the $86,000 mark. Privacy-focused altcoins Monero and Zcash showed notable gains. Total market value surged, crossing the $3 trillion threshold again.

Crypto Markets Rebound as Traders Signal Seller Fatigue
In Brief Crypto markets rebounded amid significant liquidations and oversold RSI signals. Weekend trading conditions with thin liquidity influenced rapid price shifts. The rebound's sustainability remains uncertain, prompting scrutinous investor attention.

Cardano : Network security questioned after a major incident

