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Bitcoin climbs above $47K for first time since spot ETF approvals

Bitcoin (BTC-USD) is surging past $47,000 on Friday afternoon for the first time since spot ETFs debuted, following US Securities Exchange Commission approval last month of 11 of the exchange-traded funds. Yahoo Finance's Markets Reoporter Jared Blikre breaks down the details, providing insights into what's driving the rally.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Angel Smith

Video Transcript

JULIE HYMAN: Jared Blikre here with the trade. Two days in a row that we're talking about Bitcoin here, Jared.

JARED BLIKRE: How about that? How special we got? Bitcoin heading to 50,000. Not there quite yet. Got a few thousand to go. Here is the three-month chart. I've been showing this because Bitcoin, for the most part, since the beginning of December, has been locked in a trading range, even when it broke above here. And this was that "sell the news" spot Bitcoin ETF moment. It was very brief, lasted only a few days. Similar to this breakdown, only lasted a few days. And here we are.

What I like about this chart is that price seems very comfortable around this area that was swiftly rejected before. As we head higher here, as we approach 50,000, I'm going to want to see if that price level is accepted or if it's rejected. And if it's rejected, you get one of these big tails or wicks or shadows, as the terminology goes. But why this level? That's because we have price memory here from way back in 2022. If we are able to clear 50,000, guess what? This puts 55,000 inside. So one step at a time here.

And I'd also like to take the opportunity to check out some of the flows that we've seen in some of these spot Bitcoin ETFs. Been really interesting, 10 overall. I have the top five in terms of volume, both to the upside and the downside. What really stands out here is the Grayscale Bitcoin Trust. That has lost over $6 billion in flows. It has, by far, the most assets. It was founded in 2013. It still has a management fee of 1.5%. But a lot of these flows have gone to competitors.

IBIT-- that's the iShares offering-- that has $3 and 1/2 billion worth of flows. And then Fidelity pretty close on its heels there. So we'll have to see all of this shakes out, but really going all in a lot of these issuers on the spot Bitcoin ETFs. I would mention that the iShares offering is one of the top 10 Bitcoin ETFs in terms of flows this year. That's substantial.