Five Things to Know in Crypto This Week: Bitcoin Eyes $50,000 on BTC-Spot ETF Flows

Key Insights:

BTC-spot ETF market net inflows fuel a five-day BTC winning streak.

• US Treasury Secretary Janet Yellen called on Congress to roll out a crypto regulatory framework.
• US Senators Target the SEC over the SEC Motion to Dismiss the charges in the SEC versus Debt Box case.
• BTC-Spot ETF Market: Net Inflows Fuel a Five-Day BTC Winning Streak

BTC was up 10.92% to $47,277 from Monday to Saturday. BTC-spot ETF market net inflows for the week fueled the investor fear of missing out (FOMO). BTC struck a Friday high of $48,175 on a Thursday jump in BTC-spot ETF market net inflows.

On Thursday, BTC-spot ETF market net inflows surged from $146.1 million (February 7) to $405.0 million (February 8). iShares Bitcoin Trust (IBIT) leads The Nine (January 2024 SEC-approved BTC-spot ETFs). IBIT saw net inflows of $204.1 million, taking total net inflows to $3,499.7 million.

Fidelity Wise Origin Bitcoin Fund neared the $3 billion mark, with net inflows of $128.3 million, taking total net inflows to $2,934.2 million.

BTC-Spot ETF Volumes and Flows

The FOMO phenomenon extended beyond BTC, with the total crypto market cap increasing by 9.46% ($150 billion) to $1,739 billion from Monday to Saturday.

SEC v Coinbase: US Treasury Secretary Janet Yellen Calls for Regulatory Framework

On Tuesday February 10, US Treasury Secretary Janet Yellen gave testimony at a House Financial Services Committee hearing. Referencing the US crypto market, Secretary Yellen had this to say,

“The council is focused on digital assets and related risks, such as from runs on crypto asset platforms and stablecoins. Potential vulnerabilities from crypto asset price volatility, and the proliferation of platforms acting outside of or out of compliance with applicable laws and regulations...

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