Bitcoin surges after $2.7B in weekly earnings.

Bitcoin (BTC) price has hit a new all-time high above $72,000 following a week into the crypto exchange-traded product (ETP).

According to a March 11 post by CoinShares analyst James Butterfill, crypto investment products have generated a whopping $2.7 billion in revenue since March 8.

Year-to-date, crypto ETPs generated $10.3 billion worth of inflows, equaling the $10.6 billion worth of inflows crypto ETPs saw in all of 2021.

The lion's share of this figure is Bitcoin, generating $2.6 billion in year-to-date revenue and currently representing 14% of all crypto-related assets under management (AUM) worldwide.

Days later, on March 11, Bitcoin's price surged to reach a new all-time high of $72,900. The asset has since traded around $72,000, up 6.9% over the past week and 29% over the past month, according to TradingView data.

Inflows into crypto ETFs have been fueled by growing investment in the recently approved listing of Bitcoin ETFs in the United States, which have seen a total of more than $110 billion traded as of January 11.

Bloomberg ETF analyst James Seifert noted that a total of five U.S.-based Bitcoin ETFs now hold more than $2 billion.

“Of the ~3,500 US ETFs, only 445 have more than $2 billion in assets,” Seifert added.

In an analyst note published by Cointelegraph, IG Markets analyst Tony Sycamore predicted that the current rally will push Bitcoin's price to $80,000 in the coming months.

Related: SEC radio silence on Ethereum ETF ‘not a good sign' – Bloomberg analyst

Michael Morch, founder of digital asset investment fund ARK36, told Cointelegraph that Bitcoin's new all-time high, as well as the London Stock Exchange's acceptance of Bitcoin and Ether (ETH) exchange-traded notes, also coincided with an increase in willingness to conduct financial transactions in the United Kingdom. Authority to adopt new crypto-related financial products.

“This significant regulatory change not only reflects London's desire to remain a key player in the financial world, but also the wider acceptance and institutionalization of cryptocurrencies.”

Morch sees increasing regulatory acceptance of crypto assets globally, the upcoming halving event and the continued growth of the Bitcoin ETF as heralding “a new era of growth and mainstream adoption for cryptocurrencies.”

“The cumulative effect of these factors is to continue the rally and develop a stronger and more diverse investment landscape for digital assets,” he said.

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