-
Bitcoin
jumped
to
$47,600
Friday
U.S.
morning
hours,
then
quickly
sold
off
2%. -
Spot
bitcoin
ETFs
saw
over
$400
million
in
inflows
Thursday,
their
best
day
since
Jan.
17,
BitMex
Research
data
shows.
Bitcoin
(BTC)
climbed
past
$47,000
Friday
as
U.S.-based
spot
bitcoin
exchange-traded
funds
(ETFs)
booked
one
of
their
largest
net
inflows
Thursday
since
their
debut.
The
largest
crypto
by
market
capitalization
ran
to
as
high
as
$47,699,
the
highest
since
the
bitcoin
ETF
launch
day,
before
it
buckled
to
$46,700
in
a
swift
sell-off.
Soon
after,
prices
quickly
rebounded
slightly
over
$47,000.
At
press
time,
BTC
was
up
4.5%
over
the
past
24
hours,
outperforming
the
CoinDesk
20
Index
(CD20),
a
measure
of
the
biggest
cryptocurrencies,
which
advanced
3.8%.
The
price
surge
happened
as
spot
ETFs
increased
their
net
bitcoin
holdings
by
9,260
BTC,
according
to
CoinDesk
calculation
based
on
the
issuers’
website.
That
translated
to
over
$400
million
in
inflows,
according
to
BitMex
Research
data,
the
highest
figure
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.”
While
bitcoin
gained
nearly
10%
in
a
week,
the
rally
still
has
room
to
run,
analysts
said.
Alex
Kuptsikevich,
FxPro
senior
market
analyst,
told
CoinDesk
in
an
email
interview
that
bitcoin
is
poised
for
higher
prices
for
bitcoin
after
reclaiming
the
key
50-day
moving
average.
10X
Research’s
Markus
Thielen
said
earlier
this
week
that
bitcoin
targets
$48,000
in
the
short-term
fueled
by
strong
historic
gains
around
the
Chinese
New
Year
festivities.
In
the
mid-term
he
forecasted
BTC
to
reach
$52,000
in
March
completing
the
fifth
wave
of
its
uptrend.
