The total amount invested in bitcoin surpassed $1 trillion on Wednesday for the first time since November 2021, as flows into US exchange-traded funds continued to support the cryptocurrency’s prices.

The price of bitcoin reached $52,079 this Wednesday, its most recent high in 25 months. Afterwards, the cryptocurrency traded at $51,690, up 4.29%, raising the token’s market capitalization to $1.013 trillion, according to pricing platform Coingecko.

The world’s largest cryptocurrency has risen about 22% since the beginning of February, on track for its biggest monthly increase since October.

Strong inflows into new U.S.-listed bitcoin ETFs have driven some of the price movement in recent weeks, analysts say, and flows into the 11 U.S. spot bitcoin ETFs rose to $1.64 billion in the week to Wednesday. fair, data from LSEG Lipper showed.

The previous five trading sessions saw inflows of $409 million into the products, which received regulatory approval and began trading in January.

“It remains to be seen whether this pace will be sustained, but in the crypto market price often drives flow,” said analysts at cryptocurrency liquidity provider B2C2.

Bitcoin’s market capitalization record was $1.28 trillion, reached in November 2021, according to Coingecko.

Investments in bitcoin represent more than half of the 2.01 trillion dollars invested in the global cryptocurrency market, which includes ether and other digital currencies.

The second-largest cryptocurrency, ether, which underpins the Ethereum network, rose 4.9% to $2,762, its highest value since May 2022.

By Alun John in London, Hannah Lang in Washington and Medha Singh and Niket Nishant in Bengaluru