Bitcoin closes in on posting the biggest monthly candle in its history
Quick Take
- Bitcoin is set to close February by posting the biggest monthly candle in the asset’s history.
- The price of bitcoin surged above the $63,000 mark in the past 24 hours, according to The Block’s Price Page.
Bitcoin 
BTC
+1.34%
is set to close February posting a gain of almost $20,000 since the beginning of the month.
In U.S. dollar terms, this is the largest monthly gain ever for the digital asset, according to Coingecko data. Bitcoin's green candle for February, as shown on candlestick price charts, is approaching the $20,000 mark, registering specifically at $19,976 as of 10:42 a.m. ET.
Following in second place is October 2021's monthly candle, which saw an increase of $17,978. The third spot is held by February of the same year, with a positive difference of $15,467.
Investors and analysts often use candlestick charts to analyze price movements and trends in financial markets.
Bitcoin's green candle for February is expected to be its largest to date. Image: Coingecko.
Spot bitcoin ETFs hit record net inflow
The surge in the digital asset's price comes as U.S. spot bitcoin exchange-traded funds (ETFs) generated a record net inflow of $673.4 million Wednesday, surpassing the previous high of $655.2 million set on their Jan. 11 launch day.
RELATED INDICES
BlackRock’s IBIT spot bitcoin ETF dominated the flows, adding $612.1 million, according to data from BitMEX Research, marking the highest inflow so far.
According to Outlier Ventures Research Lead Jasper De Maere, bitcoin's price appreciation comes as the selling pressure from Grayscale’s converted GBTC fund has declined. "This has set February up for a strong month of institutional bitcoin buying. Throughout February, we’ve regularly seen days with $500 million inflows into bitcoin ETFs," De Maere told The Block.
The analyst expects bitcoin's rally to sustain, driven by a combination of institutional adoption, a supportive macroeconomic environment, and excitement around the innovation of the bitcoin ecosystem. "The months ahead will continue to be positive for bitcoin price action over the medium term," De Maere said.
The largest digital asset by market cap has increased by over 3% in the past 24 hours, changing hands for $63,000 at 10:56 a.m. ET, according to The Block's Price Page. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, has increased by 4.79% to 133.45 in the past 24 hours.
The price of bitcoin has increased above the $63,000 mark on Thursday. Image: The Block.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
