Bitcoin reached its highest price since December 2021 on Monday as the world’s top cryptocurrency breached the $50,000 price level for the first time in two years. The move boosted crypto and related stocks. Coinbase Stock and Bitcoin ETF Surge During Bitcoin Miner marathon digitalaL(MARA) Vaulted.
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Bitcoin traded above $50,200 on Monday afternoon after hitting $50,314 in the morning – its highest level since December 2021. Bitcoin reached $49,000 on January 11, the day of the ETF launch, but then fell back to early December 2023 levels before the SEC announcement. Still, BTC is up more than 18% so far this year.
Ethereum hit a four-week high near $2,650 and is up 15% so far in 2024.
crypto exchange coinbase (COIN) rose 3.8% on Monday to reach above its 50-day moving average. Marathon Digital stock surged as much as 14.2% in late December.
bitcoin etf performance
Meanwhile, the spot Bitcoin ETF jumped more than 5.5% during trading, after adding nearly 4% on Friday.
black Rock(BLK) The iShares Bitcoin Trust (IBIT) Spot Bitcoin ETF has been the clear leader in fund flows since its launch on January 11, with approximately $3.75 billion inflows by the end of the day on February 9. bitmex research data, Fidelity Wise Origin Bitcoin Fund (FBTC) is in second place with inflows of $3 billion. The ARK 21Shares Bitcoin ETF (ARKB) overtook the Bitwise Bitcoin ETF (BITB) in terms of inflows on Friday. As of February 9, ARKB has recorded $918.5 million in total inflows while BITB has recorded $785.8 million.
Grayscale Bitcoin Trust (GBTC), which recorded outflows of approximately $6.38 billion as of February 9, has continued to slow. Nevertheless, in terms of assets, Grayscale remains the leader with $22.12 billion in assets under management, followed by iShares Bitcoin Trust in second place with $4.18 billion.
Despite GBTC outflows, the new ETF has recorded inflows of $2.65 billion since launch, according to BitMEX research.
room to run
Other trends set to boost Bitcoin in 2024 include the expected influx of institutional participation as a result of the upcoming halving event in April and ETF launches.
According to Joel Kruger, market strategist at Lmax Group, however, the most important factor will be mainstream adoption.
“Now that a Bitcoin spot ETF has been approved, there will be greater efforts from traditional institutions to promote the value proposition of Bitcoin,” Kruger told IBD.
But we have yet to see the full force of institutional flows, says Kyle DaCruz, Director of Digital Assets Products at VanEck. VanEck launched its spot Bitcoin ETF, the VanEck Bitcoin Trust (HODL), on January 11. According to BitMEX, HODL has recorded inflows of over $75.5 million since launch and has $161.7 million in assets under management as of February 9.
D’Cruz told IBD that most financial advisors do not yet have access to ETFs because many platforms require due diligence and other criteria to be met, which can typically take months. “I think when it changes, you’re talking about the real unlocking of that multitrillion dollar FA chattel,” he said.
You can follow Harrison Miller for more stock news and updates on X/Twitter @ibd_harrison
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