Bitcoin Stays Around $43k as ETFs Record Net Inflows

TL;DR

• Bitcoin briefly rallied towards the $44k level on Tuesday as market performance improved.

• The performance comes as Bitcoin ETFs record net inflows for the first time in a week.

Bitcoin Trades Around $43k

Bitcoin, the number one cryptocurrency by market cap, has been trading around the $43k region over the last 24 hours. It briefly reached a weekly high of $43,705 on Tuesday before declining to now trade at $43,005 per coin.

The market recovery can be attributed to the net inflow recorded by spot Bitcoin ETFs for the first time in a week. The ETF issuers as a whole added more than 4,200 bitcoins to their holdings worth roughly $183 million. The addition came despite the sizable net outflows at the Grayscale Bitcoin Trust (GBTC).

With Bitcoin stagnating around the $43k region, the broader crypto market experienced mixed performances over the last 24 hours. Dogecoin, AVAX, ADA, BNB, and SOL are all trading in the red zone.

Meanwhile, Ether, the second-largest cryptocurrency by market cap, added more than 1% to its value and is now trading above $2,330 per coin. Chainlink’s LINK is the best performer amongst the top 20 cryptocurrencies by market cap, adding more than 5% to its value in the last 24 hours. 

With the mixed performance from the major cryptocurrencies, the total crypto market cap has declined by less than 1% and now stands at $1.65 trillion.