The last two days have seen BTC surge massively, surpassing the $57,000 mark to bring Bitcoin to its highest level since November of 2021. In the last 24 hours alone, the asset has rallied almost 12% according to CoinMarketCap. Yet, just what is behind the massive resurgence to start the last week of February?
Altogether, the asset has been propelled by the continued positive performance of Spot Bitcoin ETFs. Approved earlier this year, the investment vehicles have already surpassed 3.24 billion in trading volume, led by BlackRock’s $1.1 billion.
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Bitcoin: Why is BTC Up Today?
In the final months of 2023, the digital asset market was infused with renewed optimism. Indeed, many had expected Bitcoin to receive a massive push from the impending approval of 11 Spot Bitcoin ETFs. Although those approvals weren’t guaranteed, they were likely to take place in the early days of 2024.
That prediction came to fruition, as the US Securities and Exchange Commission (SEC) greenlit the investment vehicles. Now, more than a month later the asset has seen massive gains that don’t appear to be slowing down any time soon. Subsequently, as BTC has surpassed $57,000, why is Bitcoin up so much today?
As previously stated, Bitcoin is up almost 12% and has reached its highest level since November of 2021. Moreover, that is due, in large part, to the performance that Spot Bitcoin ETFs have reported over the last two days.
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Just 24 hours ago, the total Bitcoin ETF trading volume had passed the $3.24 billion mark. Subsequently, that was led by BlackRock’s $1.1 billion in spot Bitcoin ETF trading volume reported that same day. BlackRock’s iteration was followed closely by Grayscale.
Although it was not able to break through the $1 billion mark, it still noted $843 million in trading volume. These surges in volume have played a large part in taking the asset from $54,000 on Monday, to finding a sustained position above $56,000 just a day later. Now, the biggest question that remains is just how far the asset can continue to climb amid positive Spot Bitcoin ETF outputs.