BTC is approaching an all-time high set in early November 2021. Amid this background, new records were broken in the spot Bitcoin ETF market, particularly in terms of daily trading volume and inflows.

BTC Above $63K, Spot Bitcoin ETFs Break Records

According to CoinGecko data, the price of Bitcoin went above $63,000 several times on February 29, 2024, reaching $63.6,000 at one point. Over the past 24 hours, the growth of BTC quotes reached 6%. As of 13:00 (GMT+2), a slight rebound in the price occurred, with BTC trading around $62,600.

There’s high volatility in the market. During the day, the cost of Bitcoin changed in the range of $4,700. The Fear and Greed Index reached 80 points, which is in line with the “extreme greed” level, so Bitcoin’s will continue to change extremely dynamically in the near future. Moreover, analysts forecast a serious correction of BTC quotes before the halving. For instance, such an opinion is expressed by Rekt Capital and backed up by historical data.

Against the background of the current growth in the value, two new records were registered in the spot Bitcoin ETF market. On February 28, the trading volume of the funds’ shares amounted to $7.69 billion, and the inflow of funds reached $673 million. This data takes into account all ten funds approved in January this year, including Grayscale Bitcoin Trust ETF (GBTC), whose outflows decreased considerably.

Author: Evgeny Tarasov
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