Bitcoin price surged briefly above $64,000 on Feb. 28 before retracing toward the $62,000 zone. The surge was accompanied by record volumes in spot Bitcoin exchange-traded funds (ETFs) and a spike in crypto liquidations.

The latest rally has seen a 93% spike in Bitcoin’s

daily trading volume to $90.2 billion. Its market capitalization has increased to $1.23 billion, cementing its top spot as the most valuable cryptocurrency, according to the CoinMarketCap ranking table.

The spike in Bitcoin price has been mostly attributed toincreased inflows into the new spot Bitcoin ETFs.

U.S. spot Bitcoin ETFs see record daily inflows

SpotBitcoin ETFscontinue to suck in capital, with the funds reaching a record $673 million of net inflows on Feb. 28 as BTC soared past $64,000.Datafrom Farside Investorsshowsthese figures surpassed the previous high of $655.2 million set on Jan. 11 whenthey began trading.

BlackRock’s iShares Bitcoin Trust put up around $6.12 million of that amount, its highest inflow so far. TheFidelity Wise Origin Bitcoin Fundcame in second with around $245.2 million, and theARK 21Shares Bitcoin ETF was third with $23.8 million. The Grayscale Bitcoin Trust was still negative, with outflows totaling $216.4 million on Feb. 28.

Only one or two other ETFs on the planet are taking in cash as fast as $IBIT right now. Gonna hit $10b tomorrow prob. Easily fastest ever at 7 weeks,” Bloomberg ETF analyst Eric Balchunaspostedon X. “For context, it took $GLD over two years to hit 10b, VOO over 3 years.”

Bitcoin price volatility results in heavy crypto liquidations

Bitcoin price volatility resulted in heavy liquidations of leveraged positions across the crypto market. During the early Asian trading hours on Feb. 29, as the price hovered around $63,500, short positions worth $435 million had been liquidated over the last 24 hours against $364 million long liquidations, according to data from Coinglass.

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