Bitcoin has reached $64,000 for the first time since the peak of the 2021 bull run.

In the past two days, Bitcoin (BTC) has risen from $51,000 to hitting $64,000 briefly today. The price rise has resulted from the Bitcoin ETF and the upcoming halving event, where investors buy up more than what is mined daily.

For a supply shock to happen this early before the Bitcoin halving is expected as the price rises most times before each halving. However, if Bitcoin hits a new all-time high before the halving, this will be the first time in the cryptocurrency’s history that this event would occur.

Institutional investors are bullish as the Bitcoin ETFs hit record-high inflows, and the Fear and Greed Index is showing a score of 80, indicating extreme greed in the crypto market.