The price of Bitcoin has surpassed $53,000, marking its highest level since December 2021 and sparking discussions about a possible return to its all-time high prices.
The price of Bitcoin has surpassed $53,000, marking its highest level since December 2021 and sparking discussions about a possible return to its all-time high prices.
This rally is largely attributed to growing investor interest, particularly through exchange-traded funds (ETFs), which have seen significant inflows.
According to GSR’s Spencer Hallarn, this trend is supported by strong ETF inflows, indicating sustained investor demand for Bitcoin.
The cryptocurrency’s price jumped as much as 3.3% to $53,600, a level last seen more than two years ago, just before peaking near $59,000.
Whale activity, ETF inflows fuel optimism
There has been a significant increase in Bitcoin whale activity, with over 150 new BTC addresses, each holding over 1,000 BTC, created in the last month alone.
This rise in large-scale Bitcoin holdings suggests growing confidence among major investors, often referred to as “whales,” in the cryptocurrency’s future prospects.
The launch of nine new Bitcoin ETFs last month attracted more than $5 billion in investments, a strong indicator of growing investor interest and optimism in the market.
Despite outflows from Grayscale Bitcoin Trust during the same period, net inflows into these ETFs underscore the shift in investor preference toward more regulated and accessible investment vehicles for cryptocurrency exposure.
Major cryptocurrencies do the same
The bullish sentiment around Bitcoin has had a ripple effect throughout the cryptocurrency market. Ethereum (ETH), the second-largest cryptocurrency by market cap, saw a 3.3% rise over the past week, with its price reaching $3,153.63.
BNB and Solana (SOL) also posted impressive gains, with BNB up 3.3% and SOL up 4.7% in the same period.
