Bitcoin is Now Aiming for $50K 🎯Bitcoin is poised to reach the $50,000 mark, driven by substantial capital inflows into various Bitcoin ETFs.
The price trajectory of Bitcoin closely correlates with the robust performance and significant capital influx observed in ETFs. On the last trading day of the week, February 9, the price surged to $48,200, reflecting an almost 6% increase over seven days. This positive trend suggests that Bitcoin's approach to the $50,000 milestone is increasingly likely in the near future, bolstered by the strong and consistent performance of Bitcoin ETFs.BitMEX data reveals that capital inflows into Bitcoin ETFs surged from around $68 million at the week's start to $541 million by Friday, marking the largest capital inflow since the ETF's inception. BlackRock remains at the forefront, concluding the week with a capital influx exceeding $250 million. Fidelity and ARK Invest closely follow with capital inflows of $188 million and $136 million, respectively. Grayscale's ETF, however, experienced a record low with over $51 million in capital inflows in a single day.Bitcoin ETFs have now amassed over $10 billion in assets, with BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund leading the way, each managing Bitcoin holdings valued at over $3 billion.Additional factors warrant consideration, including the anticipated recovery post-halving events, the Federal Reserve's monetary policies, and supply-demand dynamics. Currently, all indicators suggest that Bitcoin is entering a bullish price cycle.
