Bitcoin (BTC) price broke $51,000 on February 14, forming a rare Valentine's Day winning pattern, while ETF fund inflows point to a possible retest of $55,000.
Bitcoin made history on Valentine's Day as BTC price rose to a New Year's high of $52,040 within the intraday period on February 14th.
Bitcoin enters five-year winning streak on Valentine's Day
Thanks to an unusually high buying trend among institutional investors, BTC price exceeded $52,000 for the first time since 2021, increasing to 20% since the beginning of the month.
The data shows that Bitcoin price has increased by 1.3%, 3.03%, 1.13% and 1.9%, respectively, in the last four Valentine's Days since 2020.
BTC price increased by 3.66% and reached a high of $52,040 within the daily period on February 14th. This extended the winning streak on Valentine's Day to the fifth year in a row.
Bitcoin (BTC) price history, Valentine's Day 2024 Source: TradingView
Breaking it down further, as of 2020, holders who bought a BTC the night before Valentine's Day and sold it at midnight would have made a total profit of $4,196.
Price charts aside, BTC spot ETFs have received significant capital inflows this week that could fuel the increase towards $55,000.
Bitcoin ETF assets under management exceed $10 billion
In another bullish Valentine's Day record, BTC spot ETFs saw a record-breaking $631 million in net inflows. As initial uncertainty heralded the cooling of Grayscale's (GBTC) multi-billion dollar sell-off, investors have ramped up capital inflows into spot ETF derivative products this week.
As of February 14, the cumulative assets under management (AUM) of all ten newly launched spot ETF products stood at $10.9 billion.
Bitcoin (BTC) Spot ETFs Asset Under Management | Source: TheBlock
ETF companies included in TheBlock's calculation include BlackRock, Fidelity, ARK Invest/21Shares, Bitwise, Franklin, Invesco/Galaxy, VanEck, Valkyrie, WisdomTree and Hashdex.
At the end of the first day of trading on January 11, the total assets under management of these companies stood at $851 million. This means that the capital stock has grown by 1,150% in the last 31 days, at a compound daily growth rate of about 9.2%, or $77 million per day.
In fact, the chart shows that investors have become more confident after a few weeks of uncertainty, reflected in accelerating capital inflows.
If this buying trend continues at the current pace, BTC price is likely to see another increase towards the $55,000 mark in the coming days.
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