LONDON/SIN-GAPORE: Bitcoin rallied to a two-year high on Monday, breaking above $65,000 as a wave of money carried it within striking distance of record levels.

The price hit a session high of $65,537 early in Europe, having already hit a new two-year high in Asian trading. It was last up 4% at $65,045. Bitcoin hit a record $68,999.99 in November 2021.

The largest cryptocurrency by market value has gained 50% this year and most of the rise come in the last few weeks where inflows into US-listed bitcoin funds have surged.

Spot bitcoin exchange-traded funds were approved in the United States earlier this year. Their launch opened the way for new large investors and has re-ignited enthusiasm and momentum reminiscent of the run up to record levels in 2021.

“The flows are not drying up as investors feel more confident the higher price appears to go,” said Markus Thielen, head of research at crypto analytics house 10x Research in Singapore.

Net flows into the 10 largest US spot bitcoin funds reached $2.17 billion in the week to Mar 1, with more than half of that going into BlackRock’s iShares Bitcoin Trust, according to LSEG data.