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BTC

Bitcoin Surges Past $57,000 Milestone Amid Record ETF Trading

by BSC News

February 27, 2024

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The rally was fueled by substantial gains in U.S. spot bitcoin ETFs, excluding Grayscale's GBTC, which posted a record-high $2.4 billion in trading volume.

The price of Bitcoin (BTC) surged above $57,000 in Binance charts spot trading charts, during the early Asia hours of Tuesday morning, the first time since November 2021. 

Bitcoin's price climb coincides with noteworthy activity in U.S.-based bitcoin ETFs.

According to Bloomberg ETF analyst Eric Balchunas, Bitcoin ETFs achieved a record-high trading volume of $2.4 billion on Monday. This not only surpassed the previous record but also doubled the recent daily average, showcasing heightened market activity and investor interest.

Blackrock’s IBIT, in particular, led the surge with a staggering trading volume of $1.3 billion, representing over 50% of the total trade volume. This achievement propelled IBIT to the 11th position among all ETFs, placing it in the exclusive top 0.3% bracket. 

Contrary to the trend of outflows observed in recent days, Grayscale Bitcoin Trust (GBTC) exhibited a notable change in its trajectory. Farside Investor data for Feb. 26 revealed three consecutive days of slowing net outflows on Feb. 22, 23, and 26. 

The trading week concluded on Friday with a daily net outflow of $44.2 million, with outflows reducing to around $22 million on Feb. 26. 

Bitcoin Short Liquidations

Beyond ETF markets, cryptocurrency data platform CoinGlass reported significant liquidations in short positions. Over $161 million in Bitcoin shorts and nearly $44 million in Ether shorts were liquidated in the last 24 hours. As Bitcoin briefly touched $57,000, more than $268 million in short positions faced liquidation.

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