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In a significant milestone for the cryptocurrency market, Bitcoin surged to its highest price since December 2021 on Monday, surpassing the $50,000 price level for the first time in over two years. This remarkable move triggered a rally not only for cryptocurrencies but also for related stocks, with notable gains seen in Coinbase stock and bitcoin Exchange-Traded Funds (ETFs), alongside a surge in the shares of bitcoin miner Marathon Digital (MARA).

Bitcoin’s price soared above $50,200 on Monday afternoon, briefly touching $50,314 in the morning—the highest level witnessed since December 2021. While Bitcoin had spiked to $49,000 on January 11, coinciding with the launch day of the ETF, it retreated back to its early December 2023 level before the SEC announcement. Nonetheless, Bitcoin has seen an increase of more than 18% in value since the beginning of this year.

Meanwhile, Ethereum, another major cryptocurrency, hovered near $2,650 at four-week highs, showing a 15% increase in value so far in 2024.

In the stock market, crypto exchange Coinbase (COIN) surged 3.8% on Monday, pushing back above its 50-day moving average, while Marathon Digital stock jumped 14.2%, nearing its late December highs.

Bitcoin ETFs also witnessed significant gains during trading, with spot bitcoin ETFs jumping more than 5.5% after adding around 4% on Friday.

BlackRock’s iShares Bitcoin Trust (IBIT) emerged as the leader in fund inflows since the spot bitcoin ETFs launched on January 11, attracting approximately $3.75 billion in inflows as of February 9, according to BitMEX Research data. Following closely is the Fidelity Wise Origin Bitcoin Fund (FBTC) with $3 billion in inflows. The ARK 21Shares Bitcoin ETF (ARKB) surpassed Bitwise Bitcoin ETF (BITB) in terms of inflows on Friday, recording $918.5 million in total inflows by February 9, while BITB recorded $785.8 million.

Despite outflows from the Grayscale Bitcoin Trust (GBTC), which amounted to about $6.38 billion as of February 9, there has been a steady slowdown in these outflows. Nonetheless, Grayscale remains the leader in terms of assets, managing $22.12 billion in assets under management, followed by iShares Bitcoin Trust with $4.18 billion.

Looking ahead, several factors are poised to influence Bitcoin’s trajectory in 2024, including the upcoming halving event in April and an expected influx of institutional participation following the ETF launch. According to Joel Kruger, market strategist at LMAX Group, mainstream adoption will be a crucial factor in determining Bitcoin’s future.

Kyle DaCruz, Director of Digital Assets Products at VanEck, believes that the full impact of institutional inflows has yet to be realized, as many financial advisors still lack access to ETFs due to various requirements. However, once these barriers are overcome, DaCruz anticipates a significant unlocking of potential in the multitrillion-dollar financial advisor market.

February 13, 2023
By Delino Gayweh
Serrari Financial Analyst

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