Outside Source
Growing institutional confidence is indicated by Bitcoin’s record-breaking gain and consistent ETF inflows.
According to statistics from SoSoValue, Bitcoin (BTC) spot ETFs showed a net inflow of $637 million on Dec. 16, the 13th day in a row that inflows have been positive. Bitcoin is hitting new all-time highs at the same time as this continuous investment boom, indicating rising investor confidence in the cryptocurrency sector.
With the largest one-day inflow of $418 million, BlackRock’s IBIT took the lead and accumulated a total net inflow of $36.3 billion. With $116 million, Fidelity’s FBTC came next, increasing its overall net inflow to $12.4 billion. Grayscale’s GBTC, however, continued its upward trend with a net inflow of $17.65 million. Bitwise’s BITB and Ark’s ARKB are two more noteworthy contributors that show widespread institutional involvement across several funds.
The price of Bitcoin hit a fresh record high of almost $107,000 on Dec. 16. Several things have contributed to this milestone, such as President-elect Donald Trump’s pro-crypto views and intentions to create a strategic Bitcoin reserve in the United States, which have increased market confidence.
At $120.7 billion, the total net asset value of Bitcoin spot ETFs represents 5.76% of the market capitalization of Bitcoin.
According to some forecasts, Bitcoin’s value might rise to $250,000 as a result of the combination of consistent ETF inflows and encouraging legislative changes.
This article first appeared at crypto.news
