Bitcoin (BTC) experienced a surge, surpassing $47,000, as spot bitcoin exchange-traded funds (ETFs) in the U.S. witnessed one of their highest net inflows since their launch. On Thursday, these ETFs attracted their third-largest net inflows, increasi

Bitcoin (BTC) experienced a surge, surpassing $47,000, as spot bitcoin exchange-traded funds (ETFs) in the U.S. witnessed one of their highest net inflows since their launch. On Thursday, these ETFs attracted their third-largest net inflows, increasing their holdings by 9,260 BTC.

The price of BTC reached as high as $47,699, its highest level since the launch of the bitcoin ETFs, before experiencing a swift sell-off to $46,700. However, prices quickly rebounded above $47,000. At the time of writing, BTC was up 4.5% over the past 24 hours, outperforming the CoinDesk 20 Index (CD20), which measures the performance of major cryptocurrencies and advanced 3.8%.

The surge in BTC price coincided with the significant increase in net bitcoin holdings by spot ETFs, totaling 9,260 BTC, equivalent to over $400 million in inflows. This marks the third-largest inflow day for these ETFs since their launch, according to James Seyffart, an ETF analyst at Bloomberg Intelligence.

Despite a nearly 10% gain in a week, analysts believe that the bitcoin rally still has room to grow. Alex Kuptsikevich, Senior Market Analyst at FxPro, stated that bitcoin is poised for higher prices after reclaiming the key 50-day moving average.