LONDON, Feb 28 (Reuters) - Bitcoin surged for a fifth day on Wednesday to near $60,000, buoyed by flows into new U.S. spot bitcoin exchange traded products that have driven it up 39.7% in February, which would mark its largest monthly rally since December 2020.

Bitcoin was last up 4.4% at $59,259, its highest since December 2021, while ether rose 2.2% to $3,320, having hit another two-year high.

Traders have poured into bitcoin ahead of April's halving event - a process designed to slow the release of bitcoin. (Reporting by Amanda Cooper; Editing by Alun John)