Over $1 billion in Bitcoin investments fuel ETF rally, price tops $71,000 🤯 $BTC
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Over $1 billion in Bitcoin investments fuel ETF rally, price tops $71,000
Lower-than-expected inflation and a dominating Bitcoin have prompted a cautious crypto investment comeback, led by the US. Ethereum, the world's second-largest cryptocurrency, saw outflows over regulatory concerns.
A renowned digital asset management, reported $932 million in crypto investment product inflows for the second week in a row. Bitcoin, the disputed “digital gold” that recently crossed $71,000 in two weeks, is the clear leader with $942 million.
This optimistic feeling may be connected to the latest US Consumer Price Index (CPI), which raised prospects of a less aggressive Federal Reserve interest rate rise. Low interest rates have always favored riskier investments like Bitcoin.
USA has become the worldwide crypto powerhouse. With inflows above $1 billion, the US ETF market, a newcomer, led.
Even Grayscale, a prominent crypto investment business that had lost roughly $17 billion since a Bitcoin ETF began in January, found optimism with its first $18 million inflow.
This shows that some investors may perceive the Grayscale as a safer option than the newer ETF.
Mixed Bag for Altcoins and Regional Players
Bitcoin is in the limelight, but other cryptocurrencies are mixed. Popular cryptocurrencies Solana (SOL), Chainlink (LINK), and Cardano (ADA) had minor inflows of $5 million, $3.7 million, and $2 million.
Ethereum, the “king of altcoins,” is in danger. Over $23 million left Ethereum-based investment products.
An Ethereum spot-based ETF ruling by the US Securities and Exchange Commission (SEC) may cause this hostility. Investors fear regulatory uncertainty, and the SEC's decision is unknown.
Lower volumes suggest cautious optimism
Despite increased inflows, a crucial metric suggests otherwise. The week's trading volumes were far lower than March's $40 billion record.
This suggests investors are wary. They may be reentering crypto with caution due to its volatility.
#btc70k #BTC #bitcoinhalving #bitcoin $BTC
Over $1 billion in Bitcoin investments fuel ETF rally, price tops $71,000
Lower-than-expected inflation and a dominating Bitcoin have prompted a cautious crypto investment comeback, led by the US. Ethereum, the world's second-largest cryptocurrency, saw outflows over regulatory concerns.
A renowned digital asset management, reported $932 million in crypto investment product inflows for the second week in a row. Bitcoin, the disputed “digital gold” that recently crossed $71,000 in two weeks, is the clear leader with $942 million.
This optimistic feeling may be connected to the latest US Consumer Price Index (CPI), which raised prospects of a less aggressive Federal Reserve interest rate rise. Low interest rates have always favored riskier investments like Bitcoin.
USA has become the worldwide crypto powerhouse. With inflows above $1 billion, the US ETF market, a newcomer, led.
Even Grayscale, a prominent crypto investment business that had lost roughly $17 billion since a Bitcoin ETF began in January, found optimism with its first $18 million inflow.
This shows that some investors may perceive the Grayscale as a safer option than the newer ETF.
Mixed Bag for Altcoins and Regional Players
Bitcoin is in the limelight, but other cryptocurrencies are mixed. Popular cryptocurrencies Solana (SOL), Chainlink (LINK), and Cardano (ADA) had minor inflows of $5 million, $3.7 million, and $2 million.
Ethereum, the “king of altcoins,” is in danger. Over $23 million left Ethereum-based investment products.
An Ethereum spot-based ETF ruling by the US Securities and Exchange Commission (SEC) may cause this hostility. Investors fear regulatory uncertainty, and the SEC's decision is unknown.
Lower volumes suggest cautious optimism
Despite increased inflows, a crucial metric suggests otherwise. The week's trading volumes were far lower than March's $40 billion record.
This suggests investors are wary. They may be reentering crypto with caution due to its volatility.
#btc70k #BTC #bitcoinhalving #bitcoin $BTC
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