Although it was a shortened trading week following President’s Day, there was nonetheless plenty of volatility and opportunity for crypto traders and investors during the week.

Bitcoin itself experienced a roller-coaster of price action upon NYSE open Tuesday morning, with price rallying to as high as $53,000.

However, this bullish price action was quickly negated by larger sellers resisting the potential bullish break above $5,000, and momentum quickly turned south as price reverted back down to an intra-day low of $50,625, much to the dismay of Bitcoin bulls.

Following this movement, Bitcoin has remained mostly range-bound through the remainder of the trading week, with sellers attempting several times to push the price back down toward Tuesday’s low, but each attempt was bought up by market participants. With each attempt, however, there was a subsequent decrease in buy volume, resulting in Bitcoin closing Friday near its intra-week lows at $50,750, which is not the most bullish signal for investors going into next week.

This past week the cumulative volume for spot BTC ETFs surged past $50 billion, with $251.4 million in net inflows recorded on Thursday. BlackRock’s IBIT led in trading volume with $457.2 million, followed by Grayscale’s GBTC and Fidelity’s FBTC. The newborn nine spot Bitcoin ETFs collectively hold nearly 300,000 BTC, amounting to around $14 billion of the now slightly over $1 trillion market cap for Bitcoin.

Undoubtedly this data shows that the ETF launch and approval has been successful, leading to an over 20% rise in the price of BTC since the start of 2024. While it’s easy to get caught in the day-to-day volatile price movements of Bitcoin, it’s always key to zoom out and look at the big picture.

Bitcoin price started out the year at $42,280, and going into the last week of February it has now been bid up to the $50,000s!

Exciting times are ahead to finish off Q1 of 2024 and the rest of the fiscal year.

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