Bitcoin (BTC) smashed through the $65,000 mark on Monday, according to data from CoinGecko. At the time of writing, Bitcoin is trading at around $65,500, up almost 6% in the last 24 hours. With this surge, Bitcoin is only almost 6% away from its historical high of $69,000 in November 2021.
Data from Alternative.me shows that the crypto fear and greed index hit 83/100 yesterday. This is the highest level since Bitcoin’s peak of $69,000, suggesting that investors are “extremely” confident in the potential of Bitcoin’s price.
Last week, BTC surpassed $60,000 before extending its rally to $64,000. The rally was fueled by institutional accumulation, especially by US spot Bitcoin exchange-traded funds (ETFs) and big corporations like MicroStrategy. Moreover, there were speculations that Jeff Bezos sold $8.5 billion in Amazon stock to buy Bitcoin.
According to BitMEX Research’s update last Saturday, the total cumulative trading volume of US spot Bitcoin ETFs has recorded more than $7.3 billion in net inflows since their first trading day.
As reported by Bloomberg ETF analyst Eric Balchunas, BlackRock’s spot Bitcoin fund (IBIT) has accumulated over $10 billion worth of Bitcoin and officially joined the “$10 Billion Club.”
With bullish momentum building up, the total crypto market cap has risen 4% to above $2.5 trillion in the last 24 hours. Other large-cap altcoins have also seen an uptick. Over the past 24 hours, Ethereum (ETH) has surged past $3,500, setting a new peak of nearly 2 years, CoinGecko’s data shows.