[NEW] Bitcoin briefly rises to $64,000 as record-high inflow into physical ETF

On the 28th, the price of Bitcoin (BTC) surpassed the major milestone of $60,000 (approximately ¥8.98 million). The price continued to rise after that, and at one point it rose to the $64,000 range (approximately ¥9.6 million). This is the first time Bitcoin has reached $64,000 in about two years and three months since November 2021, when it reached an all-time high in dollar terms.

Altcoins have also seen an inflow of funds, with Ethereum (ETH) in particular breaking through the $3,500 range (approximately ¥520,000), causing an overall rise in the cryptocurrency market. The highest price of Ethereum in Japanese yen terms is about ¥550,000.

After that, Bitcoin temporarily fell to the $58,000 range (approximately ¥8.69 million), but at the time of writing it has returned to around $63,000 (approximately ¥9.43 million). Similar movements are also being seen in altcoins.

The inflow of funds into Bitcoin spot ETFs is the largest ever

Bitcoin continues to see inflows due to the Bitcoin spot ETF approved last month.

BlackRock's Bitcoin spot ETF "iShares Bitcoin Trust (IBIT)" recorded the largest inflow of assets in a single day on the 28th, at approximately $612 million (approximately 91.6 billion yen). This is the largest inflow of funds ever among U.S. ETFs that directly invest in Bitcoin.

In addition, the inflow of funds into all Bitcoin spot ETFs was approximately $677 million (approximately 101.3 billion yen), which is also the largest ever. In the future, the inflow of funds into Bitcoin spot ETFs is likely to continue for some time to come.

Due to the effect of Bitcoin spot ETFs, the all-time high of $69,000 (approximately 10.32 million yen) set in November 2021 is in sight. In addition, expectations for Bitcoin's halving, which is expected to occur in April, are also increasing the synergistic effect. Until now, the price of Bitcoin has risen in line with the halving. It is believed that investors are increasingly buying Bitcoin spot and spot ETFs due to these expectations.

Hunter Horsley, CEO of cryptocurrency fund Bitwise, said, "Bitcoin will continue to accelerate without slowing down. The market will grow significantly and Bitcoin prices may reach $250,000 (approximately 37.5 million yen) sooner than expected."

Bitwise announced its cryptocurrency market forecast for 2024 in December last year, predicting that Bitcoin prices would trade at over $80,000 (approximately 12 million yen) and reach a record high.

In addition, they estimate that "within five years, Bitcoin spot ETFs could capture 1% of the US ETF market, which is $7.2 trillion (approximately 1,045 trillion yen), or $72 billion (approximately 10 trillion yen) in assets under management." Bitwise's view was that it would be reached by the end of 2024, but as of the end of February, it has already become a reality.
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