The price of bitcoin (BTC) topped $63,000 on Wednesday, the original cryptocurrency’s first time above that level since the peak of the last bull market in November 2021.

This week’s giant rally has coincided with huge inflows into U.S.-traded spot ETFs, with the new funds adding more than another 12,000 bitcoin on Tuesday after adding about 10,000 on Monday. And it comes ahead of the so-called bitcoin halving in April, an event that takes place every four years and usually accompanies strong gains as the issuance of new bitcoin slows.

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By Amitoj Singh, Stephen Alpher