The associated rate of bitcoin continued its outstanding upward push Wednesday morning, rising 6.8% over the final 24 hours to surpass the $61,000 mark for the first time since November 2021.

The final notice cryptocurrency is now up nearly 20% over the final seven days, in accordance to CoinGecko, bringing its market cap to $1.2 trillion. It used to be most currently trading at $61,121.

Space bitcoin ETFs, that have been sooner or later authorized by the SEC in January, have obtained substantial inflows over the old few days, topping $500 million in every of the final two days. As a community, the ETFs have obtained $6.7 billion in inflows since Jan. 11, in accordance to BitMEX.

Primarily essentially essentially based on investor HODL15Capital, the region bitcoin ETFs collectively bought about 10,050 bitcoin on Tuesday, while miners currently handiest make about 900 bitcoin a day.

Learn more: 5 Strategies That Space Bitcoin ETFs Possess Smashed All Expectations

“Admittedly I’m a little bit surprised by the wobble of the assemble,” talked about Jim Hwang, COO at funding firm Firinne Capital, in a text message to Unchained. “Nonetheless, we’ve been studying that wealth advisors restful must get contemporary funds vetted through their companies’ due diligence direction of which may well well also just seize one other 3 to 6 months so the marketing engines haven’t fully kicked in but. We can must query to explore more very lengthy timeframe merchants coming in to ranking BTC ETFs as section of their overall loads of portfolios.”

Bitcoin’s mark is now starting up to methodology its all-time high of ultimate over $69,000 reached on Nov. 10, 2021.

UPDATE (Feb. 28 10:35 a.m. ET): Updated headline and most up-to-date mark ranges, and added recordsdata and quotes from HODL15Capital and Jim Hwang.