Bitcoin Eyes $74K as BTC ETFs See Record $1B in Net Inflows
Spot bitcoin exchange-traded funds took in 14,706 BTC, or over $1 billion, in net inflows on Tuesday, data tracked by BitMEX Research shows.
Bitcoin reversed Tuesday's decline to climb above $73,000 early Wednesday.
Spot BTC exchange-traded funds noted the highest inflows in both bitcoin and dollar terms since they started trading in January.
Bitcoin's price behavior suggests institutional investors are leading the market activity, some observers said.
Bitcoin (BTC) climbed above $73,00 early Wednesday, adding 2.5% in 24 hours to reverse Tuesday’s losses after a $360 million liquidation event sent prices tumbling.
The gain followed a record day of exchange-traded fund inflows in terms of both dollars and bitcoin. Data tracked and cited by BitMEX Research shows spot bitcoin ETFs took in 14,706 BTC, or over $1 billion, in net inflows on Tuesday, surpassing a February record of $673 million.
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