According to Galaxy’s Alex Thorne, demand for spot BTC ETFs in the United States is facing a limited supply dominated by long-term holders who are unwilling to sell their assets now.
At the auction, Bitcoin confidently shows the brightest performance since December 2020. According to crypto analysts, despite price fluctuations near historical records, this bull market has not yet reached its peak.
The largest crypto asset by market capitalization, BTC, grew by a staggering 44% in February and for the first time in several years broke the $50K and $60K marks, while reaching a maximum of $64K on Wednesday. The new price rally followed a news pullback of sales below the $40,000 mark after the approval of Bitcoin ETF spot exchange-traded funds in the United States at the end of January.
Bitcoin ends the month of February at the highest price in history, because for this, by midnight GMT, the value of the coin exceeds $ 61.3K, which is the closing price of the markets in October 2021.
At the time of publication of this article, BTC is trading at a price of $61.6K.