Bitcoin’s value experiences a surge.
Bitcoin soared to a new yearly high of $52,040 on Valentine’s Day, marking a significant milestone for the cryptocurrency. This surge in price was fueled by increased interest from institutional investors, pushing Bitcoin’s gains for the month to 20%. Notably, Bitcoin has experienced positive price movements on Valentine’s Day for the past five years, with gains ranging from 1.3% to 3.66%. In fact, those who bought Bitcoin the night before Valentine’s Day in 2020 and sold it at midnight would have made a profit of $4,196.
Beyond the price movements, Bitcoin spot ETFs have seen a surge in capital inflows this week, reaching a record $631 million. This influx of capital has boosted the cumulative Asset Under Management (AUM) of all 10 newly-launched spot ETF products to $10.9 billion. Notable entities such as BlackRock, Fidelity, and ARK Invest/21Shares are among those contributing to this growth.
These strong inflows suggest that investors are gaining confidence in Bitcoin after an initial period of uncertainty. If this trend continues, Bitcoin’s price could potentially reach the $55,000 mark in the near future.
