The largest crypto currency has gained 50% this year and most of the increase has come in the past few weeks when inflows into U.S.-listed bitcoin funds have soared

Bitcoin rallied to a two-year high on Monday, breaking above $68,000 as it came within striking distance of record levels.

The token’s price hit a session high of $68,580 and was last at $68,161. Bitcoin reached a record $68,999 in November 2021.

The biggest crypto currency has gained 50% this year and most of the increase has come in the past few weeks when inflows into U.S.-listed bitcoin funds have soared.

Spot bitcoin exchange-traded funds (ETFs) were approved in the US earlier this year. Their launch opened the way for new big 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, according to Markus Thielen, head of research at crypto analytics house 10x Research in Singapore.

Net flows into the 10 biggest U.S. spot bitcoin funds reached $2.17 billion in the week to March 1, with over half of that going into BlackRock’s iShares Bitcoin Trust, as per LSEG data.

Smaller rival also rose on speculation that it too may soon have ETFs driving inflows. It is up 50% year-to-date and by Monday was trading at two-year highs, up 2.6% on the day at $3,518.

The rally has come in tandem with records tumbling on stock indexes from Japan’s Nikkei to the S&P 500 and tech-heavy Nasdaq and with volatility gauges in equities and foreign exchange turning lower.

In a world where Nasdaq is making new all-time highs, crypto is going to perform well as bitcoin remains a high-volatility tech proxy and liquidity thermometer, according to Brent Donnelly, trader and president at Spectra Markets.