On Tuesday, Bitcoin nearly matched its highest price ever against the U.S. dollar, coming to within 1% of the record high set in November 2021.<\/p>\n\n\n\n
Early trading on March 5 in Asia saw Bitcoin’s price hit $68,551, barely 0.7% below its record high of $69,044 set on November 10, 2021, as per CoinGecko data.<\/p>\n\n\n\n
The cryptocurrency gained an additional 7% over the last day, though sell-off pressure brought it down to $67,000 as of the latest update.<\/p>\n\n\n\n
A March 4 article by CryptoPotato highlighted that Bitcoin has also reached new highs in various other currencies, including the British Pound, Euro, Australian Dollar, Chinese Yuan, and Canadian Dollar.<\/p>\n\n\n\n
Technical analysis expert Willy Woo remarked that the current market trend does not yet indicate a bull market.<\/p>\n\n\n\n
Spike in Bitcoin ETF Volumes<\/p>\n\n\n\n
Bitcoin’s recent 60% increase over the past month has been significantly influenced by the trading of spot ETFs, which have been aggressively accumulating the cryptocurrency and registering record daily trading volumes.<\/p>\n\n\n\n
Since their introduction in mid-January, the new nine spot ETFs have seen over $7.5 billion in total BTC inflows, despite significant withdrawals from Grayscale’s GBTC fund after its conversion.<\/p>\n\n\n\n
Eric Balchunas, an ETF analyst at Bloomberg, noted that March 4 marked the second-largest volume of trades for these ETFs, totaling about $5.5 billion.<\/p>\n\n\n\n
Notably, BlackRock’s IBIT fund accounted for $2.4 billion of that volume and has surpassed $11 billion in assets under management, according to Balchunas.<\/p>\n\n\n\n
Ki Young Ju, CEO of CryptoQuant, predicted a potential “sell-side liquidity crisis” in the market this year due to the influx into ETFs.<\/p>\n\n\n\n
The ‘Macro Scope’ financial news outlet has reported that more ETF applications from significant investment companies are expected throughout the year.<\/p>\n\n\n\n
\u201cExpect to see more Bitcoin ETF filings by Wall Street companies for their investment funds in the near future,\u201d they stated.<\/p>\n\n\n\n
Bitcoin’s Performance and the Wider Crypto Market<\/p>\n\n\n\n
The total market capitalization rose by 5.5% to $2.63 trillion, yet it’s still 15% below the peak, indicating altcoins are lagging as Bitcoin progresses.<\/p>\n\n\n\n
Ethereum has climbed 4%, reaching $3,600 for the first time in two years, though it’s still 26% below its peak.<\/p>\n\n\n\n
Meme cryptocurrencies DOGE and SHIB notably surged by 25% and 87%, respectively. Meanwhile, other altcoins experienced modest gains as they struggled to keep pace with Bitcoin’s growth.<\/p>","protected":false},"excerpt":{"rendered":"
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