Yesterday, the total value of Bitcoin investments surpassed $1 trillion for the first time since November 2021, Reuters has reported.
This was due to continued inflows into US spot Bitcoin exchange-traded funds (ETFs), which have been supporting the price of the crypto.
The Bitcoin price has also reached its highest point since November 2021, standing at $52,079 and raising its market capitalization to $1.020 trillion, according to Coingecko.
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In February alone, the crypto has seen a 22% increase. Analysts attribute this growth to strong inflows into US-listed Bitcoin ETFs that were approved last month.
LSEG Lipper data shows that capital flows into these ETFs reached $1.64 billion in the week to Wednesday, with $409 million during the previous five trading sessions.
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A US court recently authorized Genesis Global Capital, a bankrupt cryptocurrency lender, to sell 35 million shares of Grayscale's GBTC fund, currently worth more than $1.3 billion.
Genesis also intends to sell more than 11 million shares in two Grayscale Ethereum Trusts worth more than $200 million.