Home News Bitcoin shows strength above $70,000 with new ETF momentum

Bitcoin shows strength above $70,000 with new ETF momentum

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Bitcoin has demonstrated remarkable bullishness by crossing the $70,000 mark, registering a rise of 5% in the last 24 hours.

digital currency From $66,000 to $71,600But it decreased slightly in the last hours, as can be seen in the following graph trading view,

Anyway, BTC shows consolidation above $70,000. This momentum has taken Bitcoin once again to its all-time high of $73,750, which was reached in the middle of this month.

The rise in BTC price is mainly attributed to Bitcoin Spot ETF Performance Improves In the United States.

Yesterday, capital flows into cash exchange-traded funds recorded a net inflow of $15.7 million, as the following graph shows.

Inflows and outflows of spot bitcoin ETFs. waterfall: sosovalue.xyz

Among the ETFs leading in terms of capital inflows got it Company Fidelity (FBTC), which attracted 261 million dollarsNext is an ETF from fund manager BlackRock (IBIT) with capital inflows of $35.5 million. It is rare to see IBIT in this position, as it has often led revenues in these financial instruments since its launch.

This improvement in capital flows marks a shift After a series of five days with negative flow That reached $942 million last week, as reported by CryptoNoticias.

The recent favorable correction for the price of ETFs and BTC comes after a negative week, which is the first after a series of seven positive weeks.

In contrast, the Grayscale ETF (GBTC) continues to see capital outflows, a trend that has persisted since its launch last January. Most recent days, GBTC records net outflow of $350 millionTo store Total output of 275,059 BTC Ever since it started trading in the stock market.

Despite these fluctuations in capital flows, assets under management of Bitcoin ETFs, excluding GBTC, have remained stable at around $30 billion over the past two weeks, as the chart below shows.

Assets under management of Bitcoin ETF. waterfall: the block,

The recent decline in Bitcoin and subsequent recovery in capital flows into ETFs represents a natural correction for the currency within a bullish macrotrend, indicating resilience and continued interest in this digital currency.

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