Crazy 24 Hours: Bitcoin Goes Viral Again
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Crazy 24 Hours: Bitcoin Goes Viral Again
After 832 days, Bitcoin returns above $60,000, market cap nearing that of silver.
Navigating Web3 tides with focused insightsAuthor: Peng SUN, Foresight News
On the evening of February 28 to early morning of February 29, Beijing time, the crypto world celebrated a festival. Bitcoin reclaimed the $60,000 level for the first time in 832 days, igniting widespread FOMO sentiment across the market. In just two days, Bitcoin surged by $10,000, rising from $52,000 USDT to a high of $64,000 USDT. At its peak, Bitcoin's market capitalization reached $1.225 trillion, drawing extremely close to silver’s market cap of $1.277 trillion.
Exchanges were not absent during this extreme market movement. At 1:54 AM, Coinbase paid tribute to the bull run with an outage. On Twitter, Coinbase stated that some users might see their account balances as zero and could encounter errors when buying or selling. Several hours later, in the early morning, Coinbase gradually restored services, and all platform functions have since returned to normal.
$60,000 Bitcoin Goes Mainstream Again
Bitcoin has once again gone mainstream. The last time non-crypto friends asked me about the industry was after the Bali murder incident, which spread widely on Weibo and Xiaohongshu and caused significant negative impacts on the crypto community.
But this time, Bitcoin won people over through price appreciation. In fact, when Bitcoin broke above $50,000 two days ago, it already made headlines on Weibo. However, tonight, driven by the $60,000 surge, "Bitcoin" occupied two spots on the trending topics list.
Likewise, traditional financial media professionals began feeling FOMO yesterday afternoon. Upon hearing that someone made 2 million yuan profit from a 200,000 yuan investment, one journalist reflected on having pulled an all-nighter writing articles only to earn 2,000 yuan, and started asking how to buy BTC.
1 AM: Longs and Shorts Both Liquidated
From 1:00 AM to 1:30 AM, within half an hour, total liquidations across the market exceeded $300 million.
What exactly happened? First, around 00:54, Bitcoin rose to 62,000 USDT and then broke past 63,000 USDT within less than 20 minutes, triggering market excitement. Three minutes later, Bitcoin surged past 64,000 USDT, causing short positions to lose $135 million.
Longs seemed unstoppable, but shorts fought back hard. After breaking above 64,000 USDT, Bitcoin did not continue rising—it dropped back to hover slightly above 63,000 before falling further to around 61,000 USDT. Bulls pushed back aggressively; a 15-minute candlestick plunged down to 58,666 USDT, leading to long liquidations totaling $177 million.
Following this, the market re-entered a tug-of-war phase between bulls and bears. Currently, Bitcoin continues to fluctuate above $61,000.
Crypto-Related Stocks See Broad Gains
Amid Bitcoin's surge, stocks tied to digital currencies broadly rallied. Coinbase led the charge—up over 1.5% today, more than 21% weekly, and over 51% monthly. Meanwhile, MicroStrategy rose over 10%, Marathon Digital gained 2.3%, Canaan Creative climbed over 5.7%, Ebang International surged over 21.9%, and NetEase Huaxia (NCTY) increased over 1.87%.
Bitcoin ETF Daily Trading Volume Hits Record High
Currently, the driving force behind this rally can still be attributed to substantial inflows of traditional capital into Bitcoin ETFs. Yesterday (February 28), spot Bitcoin ETF trading volume hit $7.69 billion, setting a new record since launch—surpassing the previous high of $4.66 billion.
According to Sosovalue data, as of February 27, total net inflow into spot Bitcoin ETFs stood at $576 million, while Grayscale’s GBTC saw a single-day net outflow of $125 million. Notably, BlackRock’s IBIT recorded the largest daily net inflow among Bitcoin ETFs yesterday—at approximately $520 million, marking a new daily high for IBIT. IBIT’s cumulative net inflow now totals $6.54 billion.
The second-largest net inflow on the 27th went to Fidelity’s FBTC, with a single-day inflow of $126 million. FBTC’s historical net inflow has now reached $4.48 billion. As of publication, the total net asset value of spot Bitcoin ETFs stands at $43.16 billion, with the ETF-to-Bitcoin market cap ratio reaching 3.86%. Cumulative net inflows into these ETFs have reached $6.72 billion.
Broad Strength Across Sectors: Inscriptions, Memes, Storage, GameFi, AI
Bitcoin's resurgence has also boosted other sectors. Directly related is the inscriptions space. Since inscriptions are priced in sats, Bitcoin's rise naturally lifts inscription prices. On Bitget’s inscription section, leading project ORDI rose over 11% today, peaking at 81 USDT—nearly returning to its early January highs—with other tokens also posting strong gains.
Recent meme coin rallies have been eye-catching. As Bitcoin broke $64,000, DOGE—the top meme coin—led the charge with a surge exceeding 13%, supporting Bitcoin’s momentum. BONK posted a 24-hour gain of 47.7%. PEPE, after gaining over 50% in the prior two days, added another 44% yesterday, hitting its highest level since May 6, 2023. WIF approached 1 USDT, breaking 0.93 USDT yesterday with a single-day gain exceeding 44%. Clearly, as the broader market strengthens, community FOMO is directly reflected in meme coins.
The storage sector received a boost from Arweave launching its supercomputer AO, driving broad gains. Over the past two days, AR successively broke 20 USDT and 30 USDT, reaching its highest level since May 2, 2022, up over 43% yesterday and over 19% today. FIL has doubled over the past month, recently peaking at 8.6 USDT—the highest since August 2022. Filecoin launched FVM last year and is preparing for expansion into L2 and DeFi this year, with Interplanetary Consensus set to go live on mainnet in the second half.
Following recent rotation-driven rallies in GameFi, Binance will soon list cross-chain gaming platform Portal, helping previously downtrodden GALA finally catch up. Yesterday, fueled by news of Gala Games launching GalaSwap, GALA surged over 22% to 0.04 USDT in the morning. Another notable point: Gala Games will initiate a token buyback and burn mechanism.
Since October last year, the AI + Web3 narrative has been widely recognized as the consensus theme for 2024. Binance has invested in or launched multiple AI-themed projects via Launchpool. Yesterday, FET rose to 1.38 USDT, a new all-time high, gaining over 18%. WLD also hit a new high over the past week, reaching 9.49 USDT.
Summary
On February 29, 2024, Bitcoin reached a high of $64,000, leaving only a 10% gap from the previous bull market peak of $69,040. Currently, Bitcoin remains stable above $61,000, with ongoing battles between bulls and bears.
Interestingly, from last November’s low of $16,000, Bitcoin has seen no meaningful correction. Many in the community are expressing anxiety—no one knows exactly what’s driving this rally. The entry of Wall Street capital has left many disoriented, with seasoned traders failing to predict the move and missing the rally entirely. The approval of Bitcoin ETFs and the influx of traditional capital may have rendered outdated analytical frameworks ineffective. But regardless of future movements, one must maintain respect for the market. After all, within just half an hour at dawn, many lost their positions.
[Disclaimer] Markets carry risks; investing requires caution. This article does not constitute investment advice. Readers should consider whether any opinions, viewpoints, or conclusions expressed herein suit their individual circumstances. Investment decisions based on this content are at the reader’s own risk.
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