Bitcoin price rose to an intra-day high of $49,940 on Feb. 12 for the first time since December 2021, following a streak of positive post-exchange-traded funds last week. 

Bitcoin (BTC) price rapidly rallied 3.4% from an intra-day low of $47,745 on Feb. 12 to hit a two-year high near $50,000. The rally to a new 2-year high was prefaced by a 16% gain over the last 7 days.

BTC/USD daily chart. Source: TradingView

Bitcoin’s strong performance comes as the inflows into spot Bitcoin ETFs increased over the past week. Last week, spot Bitcoin ETFs attracted over $1.1 billion in netflows as outflows from the Grayscale Bitcoin Trust (GBTC) continued to slow down.

According to a Feb. 12 CoinShares report, the “newly issued spot-based Bitcoin ETFs in the US, saw a net US$1.1bn inflows last week, bringing inflows since the January 11th launch to US$2.8bn.”

Recent spot BTC ETF inflows and the uptick in Bitcoin’s price bring the total assets under management (AuM) to $59 billion, the highest since early 2022.

Bitcoin last traded above $49,000 more than 2 years ago, on Dec. 28, 2021, when it reached a high of $50,720, before dropping toward a low of $15,522 on Nov. 9, 2022, following the FTX debacle.

Related: Best weekly close since 2021 — 5 things to know in Bitcoin this week

Independent trader and analyst Rekt Capital appeared not to be surprised by BTC’s rise above $49,000, adding, “the signs were there.”

The sudden rise of the Bitcoin price in the past few hours was followed by a spike in crypto market liquidations to the sum of over $152 million, with the tally still increasing at the time of publishing, according to data from Coinglass.

Bitcoin short position liquidations amounted to more than $45.56 million.

Total Bitcoin Liquidations. Source: Coinglass

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.