Bitcoin has surged more than 6.45% in the last 24 hours, reaching $67,000, one of its highest levels in 2 years. While the largest cryptocurrency is one step closer to the $69,000 level in November 2021, the fire lit by ETFs does not seem to be extinguished.

Halving and Bitcoin withdrawals from exchanges…

One of the biggest factors in Bitcoin’s rise was the acceptance of ETFs, or exchange-traded funds, in the US. After the SEC’s approval on January 10, a surge of interest in ETFs has and continues to pour in. While interest in BlackRock funds in particular grew rapidly, Grayscale sell-offs totaling $1.1 billion on Thursday and Friday could not bring down the price of Bitcoin and the rise continued over the weekend. In fact, the BTC outflows seen on exchanges on Friday reached $2.3 billion.

The halving, which crypto markets have been waiting for after ETFs, seems to be the new story of investors. The halving, which is expected to take place in mid-April, will reduce the reward given to miners per block from 6.25 BTC to 3.125 BTC. While this is expected to slow down the rate of increase in supply, the price is expected to go up in the long term.

The last halving took place in May 2020, and 6 months after the halving, Bitcoin started a huge price rally. At that time, the 2017 record high of $20,000 was easily surpassed in a few days.

Bitcoin is trading at around $66,900 at the time of writing.