Bitcoin Jumps Improved Etf Inflows

last updated on

Bitcoin Jumps Improved Etf Inflows

Bitcoin Crosses $56,000 On Improved ETF Inflows

The Bitcoin ETFs were unsuccessful, as evidenced by the increased funds inflows. As a result, the spot Bitcoin prices have also adopted a bullish tone and have recently crossed the $56K threshold.

Bitcoin, the largest cryptocurrency in terms of market cap, gained 10% during the day and touched the $56259 level. In the last two years, a level like this has never been seen, which makes it even more enjoyable.

Bitcoin Close To All-Times High

If we measure the current levels of BTC from its all-time high, the coin is only $14K away, which means the bulls are finally back in the game. Now, the real question is whether the $14K will be covered shortly or not!

Following BTC's lead, Ethereum (ETH) also touched $3217 with a +3.6% increase. Once again, this was the highest level for ETH back in early 2022.

The recent gains in Bitcoin (BTC) were due to the broader bullish trend in the crypto market. Additionally, a report showed that the capital inflows in the spot BTC ETF remained strong for the 4th week in a row.

As per the report, around $598 million in weekly inflows were seen in various Bitcoin ETFs. Given that it's been several weeks since the launch of BTC ETF, the demand for BTC remains strong among institutional buyers.

The biggest gainer was BlackRock's BTC ETF, which attracted around $543 million in funds, while the Grayscale ETF received significant outflows.

According to the report, the recent jump in BTC is accompanied by a sudden jump in the short interest. For this year alone, the BTC prices are up by 24%.

Another news that boosted the BTC was the MicroStrategy announcement that it had invested $155 million into the token.

To say that Bitcoin's rally this year was stellar isn't wrong. Going ahead, any rate cuts from the Fed and other central banks could send the crypto towards all-time highs.

Trending Stories