Hassan Maishera
TL;DR
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BTC hit a two-month high of $98k on Wednesday after adding 4% to its value.
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The rally comes as spot Bitcoin ETFs raked in $830 million on Wednesday.
Spot Bitcoin ETF Inflow Pushes BTC’s Price Higher
The cryptocurrency market is having an excellent performance this week, with Bitcoin slowly approaching the $100k psychological level. The leading cryptocurrency added 4% to its value on Wednesday and briefly touched the $98k level for the first time in two months.
This positive performance comes amid renewed institutional interest in Bitcoin products. Data obtained from CoinGlass reveals that spot Bitcoin Exchange-Traded Funds (ETFs) attracted $843.6 million on January 14.
BlackRock's IBIT led the inflows with $648 million, while Fidelity's FBTC added $125 million. Smaller inflows were spread across other issuers, lifting total net assets held by U.S. spot bitcoin ETFs to about $128 billion.
Altcoin ETFs were also not left behind, with ether ETFs recording $175 million in net inflows on Thursday, led by BlackRock’s ETHA and Grayscale products, extending a gradual recovery in flows after a quiet December.
SoSoValue revealed that smaller spot ETFs tracking Solana and XRP posted gains as well. Solana funds saw about $23.6 million in net inflows, while XRP-linked ETFs added $10.6 million.
Bitcoin’s price has slightly retraced below $97, with analysts expecting a strong resistance around the $99,581 level. Thanks to the recent rally, the total cryptocurrency market cap is now approaching $3.3 trillion.
