đ„đ„Bitcoin (BTC) Spot ETFs See Huge Inflows of $216.33 Million as Prices Near $60,000 đ„đ„
On Tuesday, US spot Bitcoin (BTC) ETFs recorded net inflows totaling $216.33 million. The largest ETF, BlackRock's IBIT, had the largest net inflow of $121.03 million, according to SoSoValue data. Fidelity's FBTC followed closely with a net inflow of $90.95 million, providing additional support to Bitcoin's market performance.
The influx of investments in these ETFs shows increasing confidence in cryptocurrency markets. BTC prices have approached the $60,000 mark according to recent data, supported by investor interest in spot ETFs. However, the fact that some ETFs, such as Grayscale's GBTC and Bitwise's BITB, reported net outflows also indicates the existence of different investor sentiments.
The price of Bitcoin increased by 2.66% in the last 24 hours, reaching $59,470, according to CoinMarketCap data. This increase is particularly evident in Mt. Gox follows the volatility period of the massive $9 billion transfer that occurred after the crypto exchange crash. These movements in BTC price are seen as a dynamic response to inflows into ETFs and broader market conditions.
Economic conditions also have a significant impact on cryptocurrency markets. In his recent Capitol Hill speech, Federal Reserve Chairman Jerome Powell stated that the US economy is no longer overheating and the labor market is stabilizing. Investors are awaiting the release of upcoming US economic data, particularly unemployment claims and consumer price index, to understand market trends.
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