Bitcoin price surpassed $48,000 at the time of writing and climbed up to $48,200. We have seen a rapid increase since the low on January 23rd. Days ago, BTC dropped to $38,555 and started to rise again on February 6th. The ongoing increase is directly related to the performance of spot Bitcoin ETFs.
Why Is Bitcoin Rising?
GBTC outflows have significantly slowed down and dwindled to around $100 million yesterday. What’s exciting is that BlackRock’s ETF, for the first time since its launch, surpassed the trading volume of IBIT over GBTC. This has created a belief among investors that a rise in spot prices supported by ETFs is starting.
Experts were suggesting days ago, even before this rise started, that such an upward breakout could continue up to $50,000. Unless there is a major negative surprise development, BTC could lead the way to the top while altcoins make relatively modest moves alongside the rise in BTCD.
It could be beneficial for investors to be cautious against movements targeting high liquidity levels, especially in futures trading.
