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BTC Surges Past $65,000 and nearing its record levels. The price reached a session high of $65,537 early in Europe, following a new two-year high in Asian trading. It was last up 4% at $65,045. Bitcoin’s record high was $68,999.99 in November 2021.
U.S.-Listed Bitcoin Funds: BTC Surges Past $65,000
The largest cryptocurrency by market value has gained 50% this year, with most of the rise occurring in the last few weeks. This coincides with a surge in inflows into U.S.-listed bitcoin funds. The approval of spot bitcoin exchange-traded funds (ETFs) in the United States earlier this year opened the door for new large investors and has reignited enthusiasm, reminiscent of the run-up to record levels in 2021.
Investor Confidence Fuels Inflows
The flows are not drying up as investors feel more confident the higher the price appears to go, said Markus Thielen, head of research at crypto analytics house 10x Research in Singapore. Net flows into the 10 largest U.S. spot bitcoin funds reached $2.17 billion in the week to Mar 1, with more than half going into BlackRock’s iShares Bitcoin Trust (IBIT.O).
Ether Follows Suit
Smaller rival Ether has also benefited from the speculation surrounding potential exchange-traded funds. It is up 50% year-to-date and was trading at two-year highs on Monday, up 2.6% at $3,518.
Rally Aligns with Broader Market Optimism
The Bitcoin rally coincides with record highs on stock indexes, including Japan’s Nikkei, the S&P 500, and the tech-heavy Nasdaq. Additionally, volatility gauges in equities and foreign exchange have been declining.
In a world where Nasdaq is making new all-time highs, crypto is going to perform well as bitcoin remains a high-volatility tech proxy and liquidity thermometer,” said Brent Donnelly, trader and president at analysis firm Spectra Markets. “We are back to a 2021-style market where everything goes up and everyone is having fun.
Conclusion
BTC Surges Past $65,000 towards record highs is driven by a combination of factors, including the launch of U.S.-listed bitcoin ETFs, investor confidence, and broader market optimism. Whether this momentum can be sustained and propel Bitcoin to new highs remains to be seen.
