Hassan Maishera
TL;DR
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BTC is down by 1% in the last 24 hours and is now trading below the $52k level.
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The poor performance comes despite the net inflows recorded by Bitcoin ETFs in the last couple of days.
BTC Retraces Below $52k
Bitcoin, the world’s leading cryptocurrency by market cap, is starting the week on a poor note. It lost 1% of its value on Monday and is now trading below the $52k level.
At press time, Bitcoin’s price stands at $51,632 per coin. The poor performance comes despite spot Bitcoin ETFs hitting a new weekly inflow record.
According to data obtained from CoinShares, spot Bitcoin exchange-traded funds raked in a record $2.4 billion of the $2.45 billion that flowed into digital asset investment products. The record net inflow comes despite the $623 million outflows from Grayscale's Bitcoin Trust (GBTC), the incumbent fund that converted into an ETF structure.
The report highlighted that BlackRock's IBIT and Fidelity's FBTC attracted $1.6 billion and $648 million over the past week, respectively. While commenting on this latest development, James Butterfill, CoinShares' head of research, said,
"This represents a significant acceleration of net inflows, distributed widely among various providers, indicating an increasing interest in spot-based ETFs."
Investors are still eyeing a new all-time high price for Bitcoin as it continues to trade around the $52k region for the first time since December 2021.
Despite Bitcoin underperforming, Ether continues to soar higher. ETH is up by more than 1% in the last 24 hours and is now trading at $2,918 per coin. If the rally persists, ETH could break past the $3k barrier for the first time since April 2022.
Meanwhile, the total cryptocurrency market cap now stands at $1.97 trillion, down by less than 1% in the last 24 hours.
