{"id":248631,"date":"2024-02-16T19:53:36","date_gmt":"2024-02-16T14:23:36","guid":{"rendered":"https:\/\/dripp.zone\/news\/btc-price-tops-52k-on-etf-boom-new-ath-before-halving-crypto-news\/"},"modified":"2024-02-16T19:53:40","modified_gmt":"2024-02-16T14:23:40","slug":"btc-price-tops-52k-on-etf-boom-new-ath-before-halving-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/btc-price-tops-52k-on-etf-boom-new-ath-before-halving-crypto-news\/","title":{"rendered":"BTC Price Tops $52k on ETF Boom, New ATH Before Halving? – Crypto News"},"content":{"rendered":"

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Bitcoin price rally above $50,000 this week was solely driven by interest in\u00a0Bitcoin ETFs<\/span><\/a>. The net inflow, which flipped into the positive region in late January, has over the last two weeks sustained a winning streak, reaching a new daily high of $632 million at one point, Chinese reporter Wu Blockchain highlighted.<\/p>\n

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QCP Capital: Strong BTC spot ETF inflows, we flipped into firm net inflow territory towards the end of Jan and saw massive sizes in the last week up to $632M in a day. While we remain bullish with liquidity rushing back into risk assets, inflation being sticky over 3% remains a\u2026 pic.twitter.com\/VBHC9ZeWKi<\/a><\/p>\n

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\u2014 Wu Blockchain (@WuBlockchain) February 16, 2024<\/a><\/p>\n<\/blockquote>\n

This surge in the demand for the ETF helped\u00a0BTC price<\/span><\/a>\u00a0to weather the storm amid the sticky inflation in the US. After the release of the Consumer Price Index (CPI) data on Tuesday, Bitcoin price sharply dropped to $48,000.<\/p>\n

Taking advantage of the drop, investors bought the dip propping the bellwether cryptocurrency for a remarkable run above $52,000. Trading at $52,300 towards the end of the European session on Friday, Bitcoin has remained relatively unchanged in 24 hours.<\/p>\n

Bitcoin Weekly Report: Can Bitcoin Hit New ATH With ETF Surge<\/h2>\n

The last two weeks have been a game changer not only for the\u00a0Bitcoin ETFs<\/span><\/a>\u00a0but also for crypto prices in general. You see, the uptick in BTC ignited multiple rallies in altcoins, with\u00a0Ethereum<\/span><\/a>\u00a0leading the pack.<\/p>\n

After a 14% increase in a week, ETH exchange with the dollar at $2,836 backed by $23 billion of 24-hour trading volume while boating $340 billion in market cap.<\/p>\n

Altcoins like\u00a0Solana (SOL)<\/span><\/a>, XRP, and Cardano (ADA) achieved significant weekly gains, demonstrating the investors\u2019 bullish stance on the market. The cumulative market cap has topped $2 trillion, bolstered by Bitcoin\u2019s surge to $1.026 trillion.<\/p>\n

The total cumulative net inflow reached $4.71 billion on Thursday, according to\u00a0SoSoValue<\/span><\/a>, a platform monitoring the performance of the BTC ETF market. BlackRock is responsible for the majority of the inflows, with $330 million recorded on February 15.<\/p>\n

Other ETF operators performing well include Fidelity, Ark Invest, and 21Shares, as well as Bitwise. Grayscale is adamant about reducing its ETF fees despite massive outflows totaling $6 billion so far.<\/p>\n