Outside Source
Bitcoin’s surge above the $67,000 mark came along with solid spot exchange-traded fund inflows and increased short liquidations.
Bitcoin (BTC) is up 2% in the past 24 hours and is trading around $67,000 at the time of writing. Yesterday, Oct. 15, the flagship crypto asset surpassed $67,500 and even got close to the $68,000 zone, marking a two-month-high.
BTC’s market cap is currently hovering at $1.32 trillion with a daily trading volume of almost $50 billion. It’s rising trading volume shows increased interest from short-term holders and traders, potentially increasing Bitcoin’s price volatility.
The market-wide surge came as the U.S.-based spot BTC ETFs registered three consecutive trading days of inflows. These investment products closed last week with $253.6 million and started this week with $555.9 million in net inflows, respectively.
According to data provided by Farside Investors, spot BTC ETFs saw $371 million in net inflows, led by BlackRock’s IBIT ETF’s $288.8 million inflow, on Tuesday, Oct. 15.
Fidelity’s FBTC, Ark Invest’s ARKB and Grayscale’s mini BTC Trust assisted with $35 million, $14.7 million and $13.4 million in inflows, respectively.
Grayscale’s GBTC, VanEck’s HODL, WisdomTree’s BTCW and Bitwise’s BITB also joined the list with $8 million, $7.6 million, $2.8 million and $0.7 million in inflows, per Farside Investors’ data.
At this point, spot BTC ETFs have recorded $19.8 billion in net inflows since their launch in January.
The U.S.-based spot Ethereum (ETH) ETFs, on the other hand, witnessed $12.7 million in net outflows amid mixed demand signals from investors. Grayscale’s ETHE fund saw $15.3 million in outflows while Fidelity’s FETH recorded $2.6 million in inflows.
The remaining ETH investment products stayed neutral.
It’s important to note that Bitcoin and altcoin prices are experiencing high volatility due to increased liquidations and short-term profit-taking.
This article first appeared at crypto.news
