While Bitcoin, the leading cryptocurrency, broke the record by rising above $ 57,000, it is thought that strong inflows in spot Bitcoin ETFs are behind this rise.
At this point, while analysts and investors maintain bullish expectations for BTC, spot ETFs started the week strongly, recording an inflow of $520 million on Monday.
The massive inflow into ETFs came after bulls turned bullish on Bitcoin, causing the BTC price to surge above $57,000.
This rise also comes after institutional Bitcoin whale MicroStrategy announced the purchase of 3,000 additional BTC in February. With this latest acquisition, the company's Bitcoin assets reached 193,000.
Speaking to Coindesk as bullish sentiment continues to grow in BTC, Lolli founder Alex Adelman said that Bitcoin is strongly in a “new bull market” and could see a significant rise as the expected halving event approaches.
“Bitcoin's recent rally signals the actual start of a new bull market.
The significant price movements seen in Bitcoin are due entirely to positive market sentiment and persistent Bitcoin ETF inflows, with the daily rally reaching new daily highs.
“Bitcoin halving is just over a month away, which has historically brought price increases, Bitcoin is in for a massive rally.”
Bitcoin continues to trade at $56,273 at the time of writing.
*This is not investment advice.
