Bitcoin hits $48,500, surpassing Berkshire Hathaway to re-enter the global top ten asset list

After a continuous surge since January 23rd to 38,554, Bitcoin's market value has reached $948.7 billion, ranking tenth in global asset market value, surpassing Warren Buffett's Berkshire Hathaway BRK.B.

10x Research: Bitcoin's rapid rise will kick off in a few days, reaching 52,000 by mid-March

Bitcoin Touches $48,500

Bitcoin reached $48,566 around 11:45 Taiwan time, second only to $48,988 on January 11, following the approval of the Bitcoin ETF. In fact, both prices have returned to levels seen in December 2021.

According to CoinMarketCap, the total market value of cryptocurrencies has reached $1.87 trillion, with a 24-hour increase of 1.25%; Bitcoin dominance stands at 52.3%, while Ethereum has reached $2,538 with a market share of 16.7%.

Bitcoin Touches 49K, Spot ETF Generates $4.6 Billion on First Day, GBTC Accounts for Nearly Half of Trading Volume

Bitcoin Re-enters Top Ten Global Assets

After a continuous rise since January 23 to $38,554, a +26.04% increase, Bitcoin's market value has reached $948.7 billion, ranking tenth in global asset market value, surpassing Warren Buffett's Berkshire Hathaway BRK.B.

According to CoinMarketCap, if fully diluted valuation is considered, Bitcoin's market value has exceeded $1 trillion.

Bitcoin Spot ETF Turning Point, BlackRock's IBIT Overtakes GBTC

Previously reported, the Bitcoin spot ETF had a net inflow of $405 million on Friday, 2/8, the third largest net inflow since the ETF's launch.

Since 1/26, there has been a continuous net inflow trend. BlackRock's IBIT trading volume of $480 million has surpassed Grayscale's GBTC's $370 million, while Fidelity's FBTC at $245 million ranks third.

BTC Reaches 48K, Bitcoin Spot ETF Net Inflow Exceeds Four Billion Dollars

Standard Chartered Bank Firm on $200,000 Target Price

Geoff Kendrick, Head of Crypto Research at Standard Chartered Bank, told The Block that Bitcoin's recent rebound is driven by changes in ETF flows, especially as GBTC outflows continue to decline while ETFs like IBIT show growth.

He noted:

The selling of GBTC seems to have slowed down, averaging only $59 million per day this week, while net inflows into other ETFs continue to be strong, averaging $2.44 billion per day this week. Such changes are enough to drive up the price of Bitcoin.

Geoff Kendrick predicts that net inflows into Bitcoin spot ETFs this year will range between $50 billion and $100 billion, GBTC outflows will completely stop at some point, and other ETFs will continue to see net inflows. Bitcoin is expected to reach target prices of $100,000 and $200,000 in the coming two years.

Comparing to the launch of Gold ETFs, Standard Chartered Analyst: Bitcoin to Reach $200,000 by 2025