February 25, 2024

Bitcoin Price Spikes Above $47,000 For First Time Since Bitcoin ETF Launch, Crypto Prices Rally

Bitcoin rallied above $47,000 Friday, touching its highest level in more than two years — aside from the intraday spike on the Jan. 11 ETF launch day. The jump triggered a cryptocurrency rally early Friday. Coinbase stock, Marathon Digital (MARA), MicroStrategy (MSTR) and spot bitcoin ETF shares leapt in daily trade.


Bitcoin Price Action

Bitcoin traded above $47,500 Friday, peaking at $48,152  intraday. That was its highest level in more than two years, although Bitcoin did briefly spike to $49,000 on the Jan. 11 ETF launches — its highest level since December 2021. The world’s top cryptocurrency spiked nearly 13% in 2024.

Ethereum hovered around $2,500 Friday afternoon for the first time since Jan. 18 and is up 9.2% so far this year.

Meanwhile, crypto-related stocks bolted higher. Crypto exchange Coinbase (COIN) saw COIN stock jump about 7% Friday after gaining 8.6% Thursday. Bitcoin miner Marathon Digital vaulted 10.7%.

MicroStrategy, the largest publicly-traded bitcoin holder, leapt 10% Friday, adding to its 15.7% rally Thursday. The company acquired another 850 BTC in January, bringing its total to 190,000 worth about $8.1 billion, MicroStrategy announced during its Q4 earnings call on Feb. 6.

Spot Bitcoin ETFs Are Here To Change Crypto Investing

Bitcoin ETF Flows Update

Bitcoin ETF shares gained more than 4% Friday as bitcoin price climbed.

BlackRock‘s (BLK) iShares Bitcoin Trust (IBIT) has been the clear leader in fund inflows since the spot bitcoin ETFs launched Jan. 11 with nearly $3.23 billion in inflows as of Feb. 8, according to Bloomberg data. The Fidelity Wise Origin Bitcoin Fund (FBTC) ranks second at $2.8 billion in inflows. Bitwise Bitcoin ETF (BITB) saw $696 million in total inflows as of Feb. 8 followed by the ARK 21Shares Bitcoin ETF (ARKB) at $695 million.

Grayscale Bitcoin Trust (GBTC) recorded about $6.23 billion in outflows as of Feb. 8, which have steadily slowed. Still, Grayscale remains the leader in terms of assets, with $21.23 billion in assets under management, followed by iShares Bitcoin Trust at $3.44 billion.

Other trends are set to drive bitcoin in 2024, including the upcoming halving event in April and influx of institutional participation.

You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison


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