History will be rewritten if Bitcoin reaches $70,000 before halving.

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 around $69,000 in November 2021.

Data from Alternative.me shows that the Bitcoin fear and greed index reached 83/100 yesterday, its highest level since Bitcoin’s peak of $69,000. This suggests that investors are “extremely” confident in the potential of Bitcoin’s price. At press time, the index remains high at 82/100.

Last week, BTC surpassed $60,000 before extending its surge to $64,000. The rally was fueled by institutional accumulation, especially by US spot Bitcoin exchange-traded funds (ETFs) and big corporations like MicroStrategy. In addition, it was speculated that Jeff Bezos sold $8.5 billion in Amazon stock to purchase 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.

[1/4] Bitcoin ETF Flow – 01 March 2024

Almost all data in, just missing Invesco

$139.5m net outflow on 1st March, due to large $492m GBTC outflow pic.twitter.com/6dSkQ8ZNNG

— BitMEX Research (@BitMEXResearch) March 2, 2024

As reported by Bloomberg ETF analyst Eric Balchunas, BlackRock’s spot Bitcoin fund (IBIT) has accumulated over $10 billion worth of Bitcoin.  The fund has also joined an exclusive group of ETFs with assets under management exceeding $10 billion.

$IBIT the newest member of the $10 Billion Club, fastest ever to get there.. Only 152 ETFs in this club (out of 3,400) incl $GBTC. First $10b so touch bc so much has to come from flows (in $IBITs case 78% of aum is flows). Second $10b easier bc mkt appreciation bigger variable pic.twitter.com/FwysL4GSGk

— Eric Balchunas (@EricBalchunas) March 1, 2024

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.