Bitcoin (BTC) topped $47,000 on Friday, a rally aided by a U.S. spot Bitcoin exchange-traded fund (ETF) recording its largest net inflows since its launch on Thursday.

Bitcoin’s market capitalization soared to as high as $47,699, the highest point since the launch of the Bitcoin ETF, before falling to $46,700 in a swift sell-off. Subsequently, the price quickly rebounded above $47,000. At press time, Bitcoin was up 4.5% in the past 24 hours, outperforming the CoinDesk 20 index (CD20), which was up 3.8%.

The spot ETF added 9,260 BTC, according to the issuer's website, and CoinDesk's calculations show that this led to a surge in prices, with inflows exceeding $400 million, the highest since January 17, according to BitMex Research.

“This is the group’s third largest day of inflows since launch,” James Seifert, an ETF analyst at Bloomberg Intelligence, said in an X post. "Still an important day."

Analysts pointed out that although Bitcoin has gained nearly 10% in a week, there is still room for this wave of gains. Alex Kupczkevich, senior market analyst at FxPro, told CoinDesk in an email interview that Bitcoin is poised for higher prices, especially after regaining the key 50-day moving average.

Marcus Thielen of 10X Research said earlier this week that Bitcoin has a short-term target of $48,000, driven by gains during the historic Chinese New Year holiday. In the medium term, he predicts that Bitcoin will reach $52,000 in March, completing the fifth wave of the uptrend. #内容挖矿 #BTC!💰