Bitcoin Price Surpasses $50,000 as ETFs Continue Attracting Funds

The pre-eminent cryptocurrency is trading at its highest levels in more than two years.

The recently-approved spot bitcoin ETFs have seen $2.8 billion in net inflows since going live on Jan. 11.

(Unchained archives)

Posted February 12, 2024 at 1:15 pm EST.

The price of bitcoin surpassed the $50,000 mark on Monday for the first time since December 2021 as spot bitcoin ETFs continued to take in massive amounts of money. As a group, the ETFs recently passed $10 billion in assets under management, excluding Grayscale’s GBTC, which was converted from an existing trust. Including GBTC, the group has experienced $2.8 billion in net inflows since going live on Jan. 11.

Bitcoin first swept past the $50K mark at about 12:20 p.m. EST on Monday, according to CoinGecko, but its price recently settled just below that mark at $49,973, rising 3.6% over the last 24 hours and 17.1% over the last seven days. Its market cap stands at $981 billion.

Crypto exchange Bitfinex attributed bitcoin’s recent gains to the increase in total crypto asset inflows and a slowdown in the selling of Grayscale’s GBTC fund. Last week’s daily outflows from GBTC averaged under $100 million, compared to a high of over $600 million in late January, according to Bitfinex’s report.

“The diminishing selling pressure from GBTC is a key factor underpinning the robust performance of BTC prices this week,” Bitfinex wrote.

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