Bitcoin breaks $53k for first time in over 2 years as trading volume surges 30%

INSIGHTS
Bitcoin breaks $53k for first time in over 2 years as trading volume surges 30%
Bitcoin investors realize net profits for 128 consecutive days
Ethereum and Bitcoin futures open interest near record highs in notional value
Bitcoin’s global ETPs inch closer to historic peak, US spot ETFs credited for growth
GBTC records smallest outflow of $44 million since spot ETF conversion
Bitcoin breaks $53k for first time in over 2 years as trading volume surges 30%
Bitcoin investors realize net profits for 128 consecutive days
Ethereum and Bitcoin futures open interest near record highs in notional value
Bitcoin’s global ETPs inch closer to historic peak, US spot ETFs credited for growth
GBTC records smallest outflow of $44 million since spot ETF conversion
Bitcoin breaks $53k for first time in over 2 years as trading volume surges 30%
Bitcoin investors realize net profits for 128 consecutive days
Ethereum and Bitcoin futures open interest near record highs in notional value
Bitcoin’s global ETPs inch closer to historic peak, US spot ETFs credited for growth
GBTC records smallest outflow of $44 million since spot ETF conversion
INSIGHTS
BITCOIN
ETHEREUM
Bitcoin breaks $53k for first time in over 2 years as trading volume surges 30%
Bitcoin and Ethereum break key psychological price barriers as US trading hours begin.

Liam 'Akiba' Wright / Feb. 26, 2024 at 4:28 pm UTC
Bitcoin has broken the $53,000 level for the first time since Dec. 4, 2021, and is currently sitting around $53,538 as of press time.

Ethereum is also up on the day, surpassing $3,150, an increase of 4% on the intra-day low. However, the strength of the Bitcoin-led rally can be seen in the ETH-BTC ratio, which is down 2.11%.

Bitcoin price surge (Source: TradingView)
Bitcoin price surge (Source: TradingView)
Following a weekend of relatively flat price action, trading volume throughout the industry is up significantly. Bitcoin (30.9%), Tether (35.7%), BNB Chain (48.6%), Solana (45.7%), and Staked ETH (29.1%) lead the charge, with Ethereum up a more modest 15.4%.

Crypto market volume surge (Source: TradingView)
Crypto market volume surge (Source: TradingView)


ANALYST

Liam 'Akiba' Wright
Senior Editor at CryptoSlate
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.

@akibablade LinkedIn Email Liam
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Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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In this insight
Bitcoin
Bitcoin
BTC (24h)
$54,445.90
+5.32%

VOL: $30.69B
MCAP: $1.07T
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.

More about Bitcoin
Ethereum
Ethereum
ETH (24h)
$3,178.80
+3.13%
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).

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INSIGHTS
Bitcoin breaks $53k for first time in over 2 years as trading volume surges 30%
Bitcoin investors realize net profits for 128 consecutive days
Ethereum and Bitcoin futures open interest near record highs in notional value
Bitcoin’s global ETPs inch closer to historic peak, US spot ETFs credited for growth
GBTC records smallest outflow of $44 million since spot ETF conversion
Bitcoin breaks $53k for first time in over 2 years as trading volume surges 30%
Bitcoin investors realize net profits for 128 consecutive days
Ethereum and Bitcoin futures open interest near record highs in notional value
Bitcoin’s global ETPs inch closer to historic peak, US spot ETFs credited for growth
GBTC records smallest outflow of $44 million since spot ETF conversion
Bitcoin breaks $53k for first time in over 2 years as trading volume surges 30%
Bitcoin investors realize net profits for 128 consecutive days
Ethereum and Bitcoin futures open interest near record highs in notional value
Bitcoin’s global ETPs inch closer to historic peak, US spot ETFs credited for growth
GBTC records smallest outflow of $44 million since spot ETF conversion
INSIGHTS
BITCOIN
Bitcoin’s global ETPs inch closer to historic peak, US spot ETFs credited for growth
Data via ByteTree ByteTree
February sees an impressive 96k Bitcoin boost in global ETPs, almost doubling inflows from the last four months.

James Van Straten / Feb. 26, 2024 at 1:15 pm UTC
Quick Take
ByteTree data indicates that global Exchange Traded Products (ETPs) are nearing their all-time high of approximately 966k Bitcoin, a record set back in 2021. A significant contributor to this development is the success of spot Bitcoin ETFs in the United States, which have seen a net flow of approximately $5.5 billion.

BTC Held by Funds: (Source: ByteTree)
BTC Held by Funds: (Source: ByteTree)
Over the past 30 days, global ETPs recorded a net inflow of over 100k Bitcoin, surpassing the previous 30-day record of 90k Bitcoin set in 2020, according to ByteTree.

Fund Inflows: (Source: ByteTree)
Fund Inflows: (Source: ByteTree)
ByteTree data shows, in February alone, an impressive inflow of 96k Bitcoin was noted, which starkly contrasts with the previous four months’ figures: 13k, 31k, 5k, and 3k Bitcoin in October, November, December, and January, respectively. The February figure is particularly notable given that it nearly doubles the aggregate inflows between October 2023 and January 2024.

All Funds: (Source: ByteTree)
All Funds: (Source: ByteTree)
In the months leading up to the spot Bitcoin ETF, inflows can be partially attributed to the ProShares Bitcoin Strategy ETF (BITO) and the Purpose ETF in Canada, which recorded an inflow in November of roughly 8k Bitcoin each, according to ByteTree data.

Purpose and BITO flows- October to February)
Purpose and BITO flows- October to February)
However, since the US spot Bitcoin ETFs have been approved, both BITO and Purpose ETF are witnessing a continuous outflow, likely due to investors shifting towards cheaper, better-tracked spot ETFs.

ANALYST

James Van Straten
Lead Analyst at CryptoSlate
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

@jvs_btc LinkedIn Email James
LATEST ALPHA MARKET REPORT
The economic implications of the Fed’s reverse repo (RRP) facility
Available exclusively via
The economic implications of the Fed’s reverse repo (RRP) facility
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CryptoSlate's latest market report dives deep into the intricacies of the RRP facility, exploring its impact on traditional financial markets and its potential effects on Bitcoin.

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Bitcoin breaks $53k for first time in over 2 years as trading volume surges 30%
Bitcoin breaks $53k for first time in over 2 years as trading volume surges 30%
4 HOURS AGO
Bitcoin investors realize net profits for 128 consecutive days
Bitcoin investors realize net profits for 128 consecutive days
DATA VIA ByteTreeBYTETREE 5 HOURS AGO
Ethereum and Bitcoin futures open interest near record highs in notional value
Ethereum and Bitcoin futures open interest near record highs in notional value
DATA VIA ByteTreeBYTETREE 6 HOURS AGO
Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Latest Alpha
Bitcoin investors realize net profits for 128 consecutive days
INSIGHT 5 HOURS AGO
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In this insight
Bitcoin
Bitcoin
BTC (24h)
$54,531.92
+4.99%

VOL: $31.61B
MCAP: $1.07T
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.

More about Bitcoin
Most Viewed
24H
7D
30D
GBTC records smallest outflow of $44 million since spot ETF conversion
INSIGHT 11 HOURS AGO
Bitcoin breaks $53k for first time in over 2 years as trading volume surges 30%
INSIGHT 4 HOURS AGO
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INSIGHT 7 HOURS AGO
Bitcoin investors realize net profits for 128 consecutive days
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Crypto News
Bitcoin
Ethereum
XRP
Solana
News Topics
Crypto
DeFi
Macro
Web3
Insights
Bitcoin
Ethereum
Macro
Mining
Coin Data
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Gainers / Losers
Highest Volume
Recently Added
Crypto Sectors
AI
DeFi / DEX
PoS / PoW
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Companies
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Alpha
What is α?
α Reports
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α Research
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X
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About
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FAQ
Support
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.

© 2024 CryptoSlate. All rights reserved. Disclaimers | Terms | Privacy


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