đđ3 Reasons Why Bitcoin Price Is Up Today
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đBitcoin (BTC) price rose back above $70,000 for the first time in a week, recovering from the streak of negative flows into spot BTC exchange-traded funds (ETF) last week.
Data from Cointelegraph Markets Pro and TradingView shows the BTC price climbed from an opening of $67,212 to an intra-day high of $70,306 on March 25. At the time of publication, BTC was trading at $70,268, up 7.5% over the last 24 hours.#BTC $BTC
đBTC/USD daily chart. Source: TradingView
Bitconâs recovery follows a period of price downturn that has seen the cryptocurrency fall as low as $60,771, corroborated by negative ETF inflows. Could the surge in multiple BTC price metrics be a sign of things to come?
Weekly outflows into spot Bitcoin ETFs totaled $904 million
đLast week âmarked the end of a 7-week cycleâ of inflows into crypto investment products as investors withdrew more than $942 million, according to a March 25 report by CoinShares.
The report noted that last week marked the âfirst outflow following a record 7-week run of inflows totaling US$12.3bn.â
Source: CoinShares
đThe crypto asset management firm attributed the large outflows to the recent drawdown in crypto prices, which âwiped US$10bn off total assets under management (AuM) but remain above prior cycle highs at US$88bn.â
CoinShares analyst James Butterfill said,
đ âWe believe the recent price correction led to hesitancy from investors, leading to much lower inflows into new ETF issuers in the US, which saw US$1.1bn inflows, partially offsetting incumbent Grayscaleâs significant US$2bn outflows last week.â
đThe poor sentiment was mostly focused on Bitcoin, which accounted for â96% of the flowsâ totaling $904 million, âwhile short-bitcoin also saw minor outflows totaling US$3.7m.â
Weekly flows by asset.