BTC Hits $71k as Bitcoin ETFs Resume Inflow Winning Streak

Twitter icon  •  Published 1개월 전  •  Hassan Maishera

Bitcoin has topped the $71k level once again as spot Bitcoin exchange-traded funds (ETFs) added $2.4 billion in assets over the past month.

TL;DR

  • Bitcoin is trading above $71k after rallying by 3% in the last 24 hours.

  • The rally comes as Bitcoin ETFs resume an inflow winning streak.

BTC Crosses the $71k Level

The cryptocurrency market has continued its winning streak this week, adding more than 2% to the total market cap in the last 24 hours. BTC, the world’s leading cryptocurrency by market cap, is up by more than 3% in the last few hours and is now trading above $71k per coin.

At press time, Bitcoin’s price stands at $71,011. The positive performance comes as spot Bitcoin exchange-traded funds (ETFs) added $2.4 billion in assets over the past month.

According to data from Bloomberg Intelligence, the positive inflow comes after a period of flat to negative flows. Furthermore, BlackRock's iShares Bitcoin Fund (IBIT) crosses $20 billion in assets under management, indicating rising interest for spot Bitcoin ETFs.

 

Bloomberg Intelligence senior ETF analyst Eric Balchunas stated that,

“The ability to bounce back with renewed interest after a couple of nasty selloffs is rare for hot sauce-type strategies. It shows staying power.”

With Bitcoin in the green, altcoins are also rallying higher. BNB, the native coin of the Binance ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap. It is up by 12% in the last 24 hours and is now trading at $706 per coin.

TON is also up by 9% and has reclaimed its 9th spot in the market, overtaking Cardano’s ADA in the process. 

Thanks to this rally, the total cryptocurrency market cap now stands at $2.63 trillion, up by 2.8% in the last 24 hours.

 

Next article Bitcoin Hits $65k as USDT Issuer Tether Mints $1 Billion in Stablecoin

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.