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Bitcoin Price Rockets Past $59K as ETFs Drive Market Momentum

Bitcoin Price Rockets Past $59K as ETFs Drive Market Momentum

Spot Bitcoin ETFs are witnessing a lucrative week, highlighted by substantial inflows totaling $520 million on Monday and $577 million on Tuesday.

These significant capital injections, particularly driven by the BlackRock iShares Bitcoin ETF, signal a bullish trend in the market.

Notably, data from BitMEX Research reveals a robust net inflow of $577 million on February 27, marking the third-largest surge since the inception of spot Bitcoin ETFs.

The BlackRock iShares Bitcoin ETF alone attracted over $520 million, setting a new record and pushing its net inflow to over $6.5 billion, reflecting strong investor confidence in the cryptocurrency market.

However, amidst this optimism, Grayscale’s GBTC experienced an outflow of $125.6 million on Tuesday, serving as a reminder of potential market volatility.

READ MORE: Bitcoin: Expert Predicts Skyrocketing Surge

Despite this, the Crypto Fear & Greed Index surged to a four-year high of 82, indicating extreme greed among investors and traders.

With BTC’s price hovering around $59,000, just below the previous high of $69,044, market participants anticipate further upward momentum, with predictions of BTC hitting $60,000 in the near future.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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