NEW YORK, February 27, 2024 — Bitcoin surged to $57,000 on February 26, marking its highest level in over two years. The cryptocurrency climbed 9% to briefly hit this milestone—its first time reaching this height since November 2021—before stabilizing around $56,500, as reported by CoinDesk. This rally is largely attributed to heightened investor enthusiasm driven by Bitcoin exchange-traded funds (ETFs), according to Bloomberg.

Throughout the day, Bitcoin experienced a rapid ascent, initially crossing $53,000 and quickly advancing through $54,000, $56,000, and finally $57,000.

Bitcoin has more than doubled from its lows in November 2022 following the FTX collapse, noted Zakhil Suresh, CEO of crypto investment platform BitSave. “This recent surge is largely due to increased institutional investment and growing retail interest, spurred by the approval of Bitcoin Spot ETFs in the U.S. and the upcoming Bitcoin halving,” Suresh explained.

He highlighted that digital asset investment products attracted $598 million in weekly inflows last week, marking the fourth consecutive week of positive inflows. Bitcoin alone saw $570 million in inflows, bringing its year-to-date total to $5.6 billion.

Despite a brief dip following the SEC's approval of 11 spot ETFs last month—due to profit-taking by early investors—Bitcoin found support above $40,000, coinciding with its 100-day moving average.

Suresh also pointed out that the combined assets under management (AUM) for Bitcoin spot ETFs have surpassed $39.4 billion, making Bitcoin the second-largest ETF commodity in the U.S., ahead of silver, which has $11.5 billion in AUM. Fresh institutional inflows continue to bolster Bitcoin's bullish trajectory, he added.