Bitcoin approaches the $47,700 mark

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11 Feb 2024

The world's largest cryptocurrency Bitcoin continues to show strong recovery momentum, increasing to 2,700 USD in just 24 hours.

On the evening of February 9,Bitcoin (BTC)showed strong upward momentum by conquering the milestone of 47,000 USD and approaching 47,700 USD - the highest value threshold sincemilestone of 48,969 USDwhen theBitcoin spot ETF approvedon January 11.

The world's largest cryptocurrency on the same morning also exceeded 46,000 USD. Thus, since the uptrend resumed on the evening of February 7, BTC has increased nearly 4,000 USD in just 72 hours.

1h chart of the BTC/USDT pair on Binance at 07:20 PM on February 9, 2024

The reason for the above impressive recovery is in no small part due to stable purchasing power from large organizationsETF Bitcoin. According to statistics from BitMEX Research, since January 26, Bitcoin spot ETFs have had 10 consecutive days of positive inflows, regardless ofThe selling pressure came from Grayscale's GBTC.

In particular, the trading day of February 8 (US time) recorded up to 405 million USD poured into the above financial products, also the third highest level since the day the ETF opened for trading in mid-January.

In addition, according to statistics from many sources, as of February 8, 9 newly opened Bitcoin spot ETFs (except GBTC) of Wall Street giants increased their holdings to more than 200,000 BTC (nearly 9.5 billion USD). ) after just under a full month of trading, surpassing the amount of Bitcoin held by famous "whales" in the industry.MicroStrategygoodTether.

At the top is IBIT's fundBlackRockwith over 80,000 Bitcoin ($3.7 billion), then Fidelity's FBTC with 68,000 Bitcoin ($3.2 billion).

However, if Grayscale's GBTC is also considered, this is still the unit holding the most Bitcoin in the cryptocurrency market with more than 471,000 BTC (22.3 billion USD).

IBIT and FBTC are also the two ETFs that hold the most assets after 1 month of launch in the entire history of the US financial industry, if inflation is ignored.