On the eve of February 26th, a record volume of trading in spot Bitcoin ETFs was recorded, and the outflow of funds from the largest fund, Grayscale Bitcoin Trust ETF, set a new minimum. On the same day, Michael Saylor, the founder of MicroStrategy, announced the purchase of an additional 3,000 BTC at an average price of $51,813.
Experts believe that one of the key reasons for the growth is the activity of American investors, especially in the segment of spot Bitcoin ETFs. Pavel Savich, head of the research department of delta theta and YieldFort projects, noted that a significant part of the growth occurred at the end of the American trading session, highlighting the role of American liquidity in driving the market upwards. Vladimir Cohen, a trader and asset manager, emphasized the role of US institutional investors, pointing to a fourfold increase in the trading volume of spot Bitcoin ETFs compared to previous days.
Furthermore, the rise in Bitcoin’s price is influenced by increased activity in the derivatives market. Pavel Savich pointed to a significant expiration in Bitcoin options, which also contributes to the price increase due to the purchase of call options and active trading in an upward direction.
Experts also highlight the impact of structural factors in the ecosystems of Bitcoin and Ethereum, such as the upcoming Bitcoin halving and the Dencun updаte for Ethereum, which may support the cryptocurrency markets in the near future. According to Savich, the expected Ethereum hard fork, the increase in the number of active users, and the “airdrop season” will provide support for this cryptocurrency.
