After seeing one of the biggest net inflows since its launch on Thursday, U.S.-based spot bitcoin exchange-traded funds (ETFs) saw Friday’s price of bitcoin (BTC) soar beyond $47,000.Prior to collapsing to $46,700 in a precipitous sell-off, the largest cryptocurrency by market capitalization surged as high as $47,699, the highest since the day the bitcoin ETF was introduced.Prices swiftly increased to little over $47,000 shortly after.As of the time of writing, Bitcoin had gained 4.5% on the previous day, outpacing the 3.8% gain made by the CoinDesk 20 Index (CD20), which tracks the largest cryptocurrencies.
Based on the issuers’ website, CoinDesk calculated that spot ETFs boosted their net bitcoin holdings by 9,260 BTC, which caused the price rise.According to BitMex Research data, that equated to inflows of nearly $400 million, the biggest amount since January 17.
“This is the 3rd biggest inflow day for the group since their launch,” James Seyffart, ETF analyst at Bloomberg Intelligence, said in an X post. “Still a big day.”
Despite a week-long increase of about 10% for bitcoin, economists believe there is still room for growth.After regaining the crucial 50-day moving average, senior market analyst Alex Kuptsikevich of FxPro told CoinDesk via email that higher prices for bitcoin are expected.
This week, Markus Thielen of 10X Research stated that the short-term goal for bitcoin is $48,000, driven by significant historical increases over the Chinese New Year celebrations.In the intermediate term, he predicted that Bitcoin will close out the fifth wave of its rally in March by reaching $52,000.