Bitcoin Tops $47K as Spot Bitcoin ETFs Book One of Their Best Days

Spot Bitcoin ETFs had the third-largest net inflows since their launch on Thursday, with holdings increasing by 9,260 BTC. Bitcoin surged to $47,600 on Friday morning in the U.S., before experiencing a quick 2% sell-off. The ETFs received over $400 million in inflows on Thursday, marking their best day since January 17, according to data from BitMex Research.

The price of Bitcoin climbed above $47,000 on Friday, following a significant net inflow into U.S.-based spot Bitcoin ETFs. The largest cryptocurrency reached a high of $47,699, its highest level since the ETF launch day, before dropping to $46,700 in a rapid sell-off. Prices then rebounded to slightly above $47,000, with BTC gaining 4.5% over the past 24 hours, outperforming the CoinDesk 20 Index which rose by 3.8%.

The surge in price coincided with spot ETFs increasing their net Bitcoin holdings by 9,260 BTC, resulting in over $400 million in inflows, the highest since January 17 according to BitMex Research data. Analysts believe that the rally in Bitcoin, which saw nearly a 10% gain in a week, still has potential for further growth. FxPro senior market analyst Alex Kuptsikevich noted the likelihood of higher prices after reclaiming the key 50-day moving average, while 10X Research’s Markus Thielen predicted short-term targets of $48,000 and mid-term targets of $52,000 in March, completing the fifth wave of the uptrend.