As Bitcoin’s price grazed the $64,000 milestone on Feb. 28, market indicators indicate an imminent rally to new all-time highs above $70,000. 

Bitcoin (BTC) grabbed headlines again on Feb. 28, as prices surged to a daily timeframe peak of $64,000, its highest in 830 days. With whale investment metrics still flashing green signals, a new all-time high could be on the cards for the pioneer cryptocurrency. 

Bitcoin whales in firm control: Holding 60% of the total supply 

The Bitcoin ETF approval was undoubtedly a real watershed moment for the crypto sector. At press time on Feb. 28, the overall market capitalization of the crypto industry has skyrocketed by $450 billion to reach a three-year peak of $2.25 trillion.  

The boom in the crypto sector inflows was led by record-breaking demand by 10 newly-launched Bitcoin ETFs, who have jointly acquired over 665,850 BTC, around $40 billion, in less than six weeks of trading. 

However, a closer look at the on-chain data shows that aside from the ETF holdings, a broader range of large corporate entities and high net-worth investors have plunged headfirst into the BTC market. The air of legitimacy provided by the U.S. Securities and Exchange Commission’s (SEC) approval verdict has been pivotal to this trend. 

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Author: Ibrahim Ajibade

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