BTC Touches $50k, ETF Inflows Accelerate
Feb 12, 2024
Market Update Monday morning picked up right where yesterday left off, with $BTC surging toward $50k, momentarily touching the key level across several exchanges. The rally appears to be driven by spot market demand, as evidenced by a significant spike in spot volume while funding rates remain muted (see chart below). A substantial portion of this volume is likely entering the market via spot ETFs chasing the positive weekend price action. Concurrently, $ETH is making strides toward recouping the $2600 level, and Bitcoin's Layer 2 solution, $STX, is experiencing a massive rally alongside BTC.
