๐๐3 Reasons Why Bitcoin Price Is Up Today
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๐Bitcoin (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
๐BTC/USD daily chart. Source: TradingView
Bitconโs 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
๐Last week โmarked the end of a 7-week cycleโ 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 โfirst outflow following a record 7-week run of inflows totaling US$12.3bn.โ
Source: CoinShares
๐The crypto asset management firm attributed the large outflows to the recent drawdown in crypto prices, which โwiped US$10bn off total assets under management (AuM) but remain above prior cycle highs at US$88bn.โ
CoinShares analyst James Butterfill said,
๐ โWe 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 Grayscaleโs significant US$2bn outflows last week.โ
๐The poor sentiment was mostly focused on Bitcoin, which accounted for โ96% of the flowsโ totaling $904 million, โwhile short-bitcoin also saw minor outflows totaling US$3.7m.โ
Weekly flows by asset.