blockchainreporter.net
The Bitcoin price has for the first time in 2024, crossed the $60K mark to set a new all-time high for the year as the crypto king trades 18% above its previous 24-hour price as of press time. The recent spike can be attributed to the massive inflows currently being witnessed from Bitcoin ETFs daily. Peter Schiff, a renowned analyst, states that recent weakness in gold stocks can be attributed to investors selling them to buy Bitcoin ETFs instead.
The most likely explanation for the weakness in gold stocks is that investors are selling them to buy #BitcoinETFs instead. That means #Bitcoin has basically become a bet against #gold. So when gold inevitably breaks out, the money to buy gold stocks will come from Bitcoin ETFs.
— Peter Schiff (@PeterSchiff) February 28, 2024
Bitcoin ETF Inflows Not Slowing Down
BitMex Research reported that on Tuesday, Blackrock’s iShares bitcoin ETF (IBIT) had its highest day inflow of $520 million, surpassing the $111.8 million total inflow on Monday. According to the statistics, IBIT’s inflows yesterday were 5% higher than the previous record of $493.1 million, which was established on February 13. They also exceeded the $519.8 million total net inflows recorded on Monday for all U.S. spot bitcoin ETFs combined.
The overall net flows into all spot bitcoin ETFs hit a multi-week high yesterday, according to the BitMex analysis. Since their inception on January 11, spot bitcoin ETFs have had net inflows totaling $6.7 billion.
[1/4] Bitcoin ETF Flow – 27 Feb 2024
— BitMEX Research (@BitMEXResearch) February 28, 2024
All data now in.
$576.8m net inflow on 27th Feb, very strong day. Blackrock alone had $520m inflow
Total net inflow since 11th Jan 2024 now $6,726.1m for the ETFs pic.twitter.com/E0zDBkzqxm
On the other hand, the K33 market report from Tuesday states that miners have accelerated their pace of accumulation in advance of the anticipated halving event in April. “Publicly traded bitcoin miners have retained an estimated 29% of all bitcoin payouts during the last three months, up substantially.
📈Bitcoin jumped from $51k to $57k fueled by a ferocious short squeeze, but the aftermath has blurred the current market signals.
— K33 Research (@K33Research) February 27, 2024
Which metrics are important to watch closely in the coming days?
Find out in our weekly market report 👇 https://t.co/J2tAUSeOyO
held a spot price of $60.3K as of press time representing a 6% pump in the last 24 hours as the crypto king’s market cap now stands at an impressive $1.184T