Bitcoin surged above $59,000 today, marking its biggest monthly rally since December 2020. The largest cryptocurrency also surpassed $59,200, while Ether’s price surged above $3300.

What’s behind all this?

In fact, as everyone knows, there is interest in US ETFs behind these rises. ETFs, which received a net investment of $6.7 billion as of February 27, have been the main driver of Bitcoin’s rally since January 11.

BlackRock set a new record yesterday

BlackRock, the biggest player in ETFs, has so far seen net demand of $6.5 billion. The inflow into the company’s ETFs broke a new record yesterday. There was a net demand of $520 million for the BlackRock ETF yesterday. The BlackRock ETF quadrupled the second largest ETF, Fidelity, in this sense yesterday. Fidelity received a net inflow of $126 million yesterday.

Bitcoin halving is coming

On the other hand, the halving, which is expected to take place in mid-April, is also likely to have a significant impact on the Bitcoin price. Although data points to some declines before the halving, it is known how high the rises afterwards have been.

Fed expectations and MicroStrategy purchases

MicroStrategy’s Bitcoin purchases should not be forgotten. The US-based company continues its Bitcoin purchases persistently. Buying another 3,000 BTC the previous day, MicroStrategy increased its total Bitcoin holdings to 193,000 BTC. In addition to ETFs, MicroStrategy’s purchases greatly increase demand against supply.

The fact that the Fed is certain to start cutting interest rates in the coming period also increases the possibility of new rises in risky assets such as Bitcoin.