Having reached USD 63,000, Bitcoin value is predicted to continue to increase this year

The report also noted that, on Friday last week, the largest ETF, BlackRock's iShares Bitcoin Trust (IBIT), surged to exceed USD 10 billion in assets under management after receiving a record inflow of USD 612 million in a single day.

Then, Bitcoin's USD 7.7 billion inflow so far this year has surpassed all inflows since 2021, the year the coin hit a record high, according to Bank of America Global Research's Flow Show team led by investment strategist Michael Hartnett.

“On average, US spot Bitcoin ETFs have generated USD 212 million per calendar day in February, Zach Pandl, managing director of research at Grayscale, which publishes one of the spot Bitcoin ETFs, said in a statement,” he said.

William Quigley, co-founder of stablecoin Tether and blockchain WAX, thinks that also playing a role in Bitcoin's recent rise is the impending “halving”, which by April 2024 will halve the crypto rewards given to miners for successfully issuing Bitcoin on the market. blockchain to reduce the rate at which Bitcoin enters circulation.

Although Quigley cautioned there is limited data, he added that Bitcoin could rise further based on the last three halvings, which would increase the price of Bitcoin many times over.