Bitcoin’s Monumental Monthly Close Approaches Record-Breaking Territory

• Bitcoin is poised to conclude February with its largest monthly candle ever recorded.
• Within the last 24 hours, Bitcoin’s price surged past the $63,000 threshold, as reported by CoinNerd’s Price Page.

Bitcoin (BTC) is poised to conclude February with nearly a $20,000 increase in value since the month’s onset, marking a significant surge.

In terms of U.S. dollars, this represents the digital asset’s largest monthly gain ever, according to Coingecko data. Bitcoin’s February candlestick chart illustrates a notable climb nearing the $20,000 threshold, currently standing at $19,976 as of 10:42 a.m. ET.

October 2021’s monthly candle holds the second position with a $17,978 increase, while February of the same year ranks third with a positive difference of $15,467.

Candlestick charts are frequently utilized by investors and analysts to dissect price movements and discern trends in financial markets.

Record net inflows are recorded for spot bitcoin ETFs.

The surge in bitcoin’s price coincides with U.S. spot bitcoin exchange-traded funds (ETFs) seeing a historic net inflow of $673.4 million on Wednesday, surpassing the previous high of $655.2 million observed on their launch day, January 11th.

According to data from BitMEX Research, BlackRock’s IBIT spot bitcoin ETF led the inflows, accumulating $612.1 million, marking the highest influx to date.

Jasper De Maere, Research Lead at Outlier Ventures, notes that bitcoin’s price surge coincides with decreased selling pressure from Grayscale’s converted GBTC fund. “This sets the stage for a robust month of institutional bitcoin purchases in February. Throughout the month, we’ve consistently observed days with inflows of $500 million into bitcoin ETFs,” De Maere informed CoinNerd.

De Maere anticipates the momentum in bitcoin’s rally to persist, propelled by institutional adoption, favorable macroeconomic conditions, and enthusiasm surrounding bitcoin ecosystem innovations. “The upcoming months are poised to maintain positive momentum for bitcoin price action in the medium term,” De Maere asserted.

Stijn Paumen, CEO of Helio, pointed out that the current bitcoin price is only 8% below its peak of over $68,000, attained in November 2021. “We’re nearing bitcoin’s record high with just two months remaining before the halving cycle commences,” Paumen informed CoinNerd.

The leading cryptocurrency by market capitalization has surged over 3% in the last 24 hours, trading at $63,000 as of 10:56 a.m. ET, as reported by CoinNerd’s Price Page. Meanwhile, the GM 30 Index, comprising the top 30 cryptocurrencies, has risen by 4.79% to reach 133.45 over the same period.

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