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Bitcoin (BTC) surges for the 7th consecutive day, currently trading above the $48K mark

Bitcoin (BTC) surges for the 7th consecutive day

Bitcoin is getting close to reaching the much-awaited $50K milestone as investor interest in the recently introduced Bitcoin ETFs rises.

A recent report from a senior Bloomberg analyst claims that Bitcoin is rising steadily and has been increasing every day for the past seven days.

In recent days, inflows into Bitcoin ETFs have increased sharply, emulating the initial days of the ETF’s introduction. ETF inflows hit over $400 million in a single day, surpassing $9 billion after a month of the launch.

Despite the sharp decline in Grayscale’s GBTC ETF, Bloomberg’s senior ETF analyst, James Seyffart, provided updates on the third-largest inflow since the launch.

GBTC has drawn attention lately. Analysts thought GBTC would continue to have success because of its high trading volumes.

But in recent days, Grayscale’s GBTC ETF began to decline, opening the door for Fidelity’s FBTC and BlackRock’s IBIT ETFs. According to BTC Markets Pty. Ltd. CEO Caroline Bowler, there are signs of a “growing inflow of institutional capital into the asset class.”

The possibility of a Bitcoin halving and the Lunar New Year holidays have an impact on the price of BTC, in addition to the excitement surrounding Bitcoin ETFs.

Analysts predict that the April 2024 halving will propel a 190% increase in Bitcoin prices over the next six months.

Fundstrat Global Advisors also stated in the Bloomberg article that attitudes toward Bitcoin are “generally positive” over the Lunar New Year holidays.

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