BTC Surpasses $60,000 Again After 27 Months, Becoming the Seventh Largest Asset Globally

After a lengthy 27-month period, Bitcoin has returned to $60,000, reaching a new high since December 2021.

Market data indicates that BTC has surpassed $62,000 USDT, with a current price of $62,162 USDT at the time of this writing, marking a 24-hour increase of 8.73%. This breakthrough exceeds the previous high of $59,048 USDT in December 2021, with only a short distance remaining to reach the peak of $69,000 USDT in November 2021. Meanwhile, ETH has also surged past $3,400 USDT, currently trading at $3,450 USDT, with a 24-hour increase of 6%.

Influenced by the overall bullish market sentiment, the total market capitalization of cryptocurrencies has seen a rapid increase. According to CoinMarketCap data, the current total market capitalization of cryptocurrencies has surpassed $2.31 trillion, with a 7.1% increase over the past 24 hours. However, apart from BTC and ETH, altcoins have shown less momentum, with significant market divergence. BTC's dominance in total market capitalization has reached the highest level at 53.94%.

Regarding derivative trading, data from Coinglass indicates that there have been liquidations totaling $780 million over the past 24 hours across the entire network. Among these, short positions liquidated amounted to $434 million, while long positions liquidated totaled $353 million. Liquidations in BTC reached $300 million, and in ETH, they reached $128 million.

American Investors Continue to Buy

According to Farside Investors data, since its launch on January 11th, the cumulative net inflows into Bitcoin spot ETFs have exceeded $7.406 billion. Specifically:

• IBIT has seen cumulative net inflows of $7.152 billion.

• FBTC has seen cumulative net inflows of $4.721 billion.

• GBTC has seen cumulative net outflows of $7.807 billion.

Additionally, alongside the expansion in size, trading activity of BTC spot ETFs has surged dramatically, highlighting investor enthusiasm. According to a research report by CoinShares, the average daily trading volume of Bitcoin ETPs has increased from $34 million in 2023 to $2 billion in 2024.

MicroStrategy's Unrealized Profits Reach $5.9 Billion

On February 26th, according to data disclosed by Tree News, between February 15th, 2024, and February 25th, 2024, MicroStrategy and its subsidiaries purchased approximately 3,000 bitcoins for around $155.4 million in cash. It was also on this day that BTC ended its sideways movement and began an upward trend, rising from $51,731 USDT to $54,471 USDT, marking a daily increase of 7.77%.

On February 13th, MicroStrategy CEO Michael Saylor stated in an interview with CNBC that the demand for Bitcoin spot ETFs far exceeds the supply from mining companies, and they intend to purchase more bitcoins.

As of the time of this post, MicroStrategy holds a total of 193,000 BTC, with an average purchase price of $31,544 USDT per BTC. Calculated at $62,000 USD per BTC, this results in unrealized profits of approximately $5.9 billion USD.