Bitcoin rose 45% to $63,933 in February this year and is expected to record its biggest monthly increase since 2020

According to Reuters, Bitcoin Poised for Largest Monthly Gain in Over Three Years

According to a Reuters report, Bitcoin is set to record its biggest monthly gain in over three years. In early Asian trading on February 29, the price of Bitcoin briefly surpassed $62,000. The report noted that the world’s largest cryptocurrency surged overnight to a peak of $63,933, marking a monthly gain of more than 45% — the largest since December 2020.

Bitcoin's momentum also affected smaller cryptocurrencies such as Ethereum, which is currently priced at $3,429, reflecting a 50% increase in February.

Analysts Predict Bitcoin Could Break $69,000

Brian Armstrong, CEO of cryptocurrency exchange Coinbase Global, stated that the platform has seen a surge in traffic due to rising interest in cryptocurrencies.

Tony Sycamore, an analyst at brokerage firm IG Markets, predicted a potential breakout for Bitcoin, suggesting it could “test and possibly break through” the $69,000 level — potentially surpassing the all-time high set in November 2021.

Spot Bitcoin ETFs Attract Significant Inflows

Earlier this year, the United States approved and launched spot Bitcoin exchange-traded funds (ETFs), drawing significant investment and reigniting enthusiasm in the crypto market.

According to data from the London Stock Exchange Group (LSEG), on February 27 alone, the top ten spot Bitcoin ETFs attracted $420 million in inflows — the highest in nearly two weeks. Notably, ETFs managed by Grayscale, Fidelity, and BlackRock saw a surge in trading volume.

Traders Rush into Bitcoin Ahead of Halving Event

Traders have also been actively entering the Bitcoin market ahead of the upcoming halving event in April. The halving, which occurs every four years, reduces the rate at which new tokens are issued and cuts miners' rewards.

With Bitcoin’s supply capped at 21 million — and 19 million already mined — this event has bolstered overall bullish sentiment.

Rate Cut Outlook and Market Stability Boost Investor Interest

Additionally, expectations that the Federal Reserve may implement a series of interest rate cuts this year have increased investor appetite for high-yield, higher-volatility assets.

With forex volatility at its lowest in two years and U.S. stock market volatility returning to pre-pandemic levels, capital inflows into Bitcoin have surged.