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Bitcoin Surpasses $63,000 as Money Flows into New US Investment Products
Bitcoin has surpassed the $63,000 mark, for the first time since November 2021. (Chesnot via Getty Images)
Bitcoin has surpassed the $63,000 (£49,745) mark, for the first time since November 2021, when the digital asset hit its all-time high of over $68,000.
Over the past 24 hours, the value of the largest digital asset by market capitalization has increased by over 8% to trade hands of $63,108, at the time of writing.
Learn more: Live cryptocurrency prices
The price appreciation was driven by record inflows into several US-based Bitcoin spot exchange-traded funds (ETFs), which were approved in January this year.
A spot bitcoin ETF is a financial product that investors hope will pave the way for traditional capital to flood the crypto market. Currently, the indications are favorable, with fund managers, such as BlackRock (BLACK) and Franklin Templeton (BEN), after allocating a record $673 million to spot bitcoin ETFs on Wednesday.
Learn more: Bitcoin Success with SEC Fuels Anticipation for Ether Spot ETF
The record allocation surpassed the first day of these funds’ launch, during which inflows totaled $655 million. BlackRock’s iShares Bitcoin Trust ETF (I BITE) alone attracted a record $612 million yesterday.
Bitcoin Price Forecast
Earlier this week, veteran investor Peter Brandt said bitcoin could peak at $200,000 by September 2025. “With the push above the upper boundary of the 15-month channel, the cycle target current bullish trend expected to end in August/September 2025 has increased from $120,000 to $200,000,” Brandt job on X.
The influx of capital from the traditional financial sphere into spot Bitcoin ETFs acts as a major catalyst for the digital asset’s prices, but it is not the only one. The consensus among analysts is that the upcoming “Bitcoin halving” could continue to drive inflows into the Bitcoin market.
The bitcoin halving is an event that occurs approximately every four years and is expected to happen again in April. The halving will reduce the Bitcoin reward that miners receive for validating blocks on the blockchain from the current 6.25 BTC to 3.125 BTC. This could act as a supply crunch for the digital asset, potentially leading to price appreciation.
Watch: Bitcoin ETFs ready for inflows from US pension funds, Standard Chartered analyst says | Future goal
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