Bitcoin Nears $47,700 Mark

The world's largest cryptocurrency, Bitcoin, continues to show strong recovery momentum, surging by $2,700 within just 24 hours.

Bitcoin nears the $47,700 mark

On the evening of February 9, Bitcoin (BTC) demonstrated strong upward momentum, reaching close to $47,700 after surpassing the $47,000 mark - the highest level since hitting $48,969 when Bitcoin spot ETFs were approved on January 11.

Earlier on the same day, the leading cryptocurrency also crossed the $46,000 threshold. Thus, since the renewed uptrend began on the evening of February 7, BTC has surged nearly $4,000 in just 72 hours.

1-hour chart of BTC/USDT pair on Binance as of 07:20 PM on February 9, 2024

Part of the impressive recovery can be attributed to steady institutional buying through Bitcoin ETFs. According to BitMEX Research, Bitcoin spot ETFs have seen 10 consecutive days of inflows since January 26, despite selling pressure from Grayscale's GBTC.

Notably, on February 8 (US time), financial products received $405 million in inflows, marking the third-highest level since ETFs commenced trading in mid-January.

Additionally, as per multiple sources, by the end of February 8, nine new Bitcoin spot ETFs (excluding GBTC) from major Wall Street firms had accumulated holdings of over 200,000 BTC (nearly $9.5 billion) within just over a month of trading, surpassing holdings of renowned crypto "whale" entities like MicroStrategy and Tether.

Leading the pack is BlackRock's IBIT with over 80,000 Bitcoins ($3.7 billion), followed by Fidelity's FBTC with 68,000 Bitcoins ($3.2 billion).

However, GBTC by Grayscale remains the largest holder of Bitcoin in the cryptocurrency market, holding over 471,000 BTC ($22.3 billion).

IBIT and FBTC are also the two ETFs with the largest asset holdings after one month of launch in the entire history of the U.S. financial sector, excluding inflationary factors.