Hassan Maishera
TL;DR
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Bitcoin is trading above $61k after adding nearly 1% to its value in the last 24 hours.
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US spot Bitcoin ETFs recorded a $31 million inflow on Tuesday following seven consecutive days of outflows.
BTC Surges Above $61k on Positive ETF Inflow
Bitcoin, the world’s leading digital asset by market cap, is slowly recovering from the losses suffered earlier this week. BTC’s price is up by 1% over the last 24 hours and is currently trading above $61,500 per coin.
The primary catalyst behind this positive performance is the inflow recorded by US spot Bitcoin exchange-traded funds (ETFs). Data obtained from SoSoValue revealed that spot Bitcoin ETFs in the United States recorded a $31 million inflow on Tuesday following seven consecutive days of outflows.
Fidelity’s FBTC led net inflows on Tuesday with $49 million, followed by Bitwise’s BITB reporting $15 million in inflows while VanEck’s HODL also saw net inflows of $4 million.
However, Grayscale’s GBTC saw net outflows of $30.3 million. Ark Invest and 21Shares’ ARKB reported $6 million in net outflows.
Finally, BlackRock’s IBIT saw zero flows on Tuesday despite having a daily trade volume of $1.1 billion. Other funds from Invesco and Galaxy Digital, Valkyrie, and Franklin Templeton also recorded zero flows yesterday.
Bitcoin could now head towards the $62k region as the bulls look to regain control. Altcoins are currently trading in the green, with Ether also up by 1% in the last 24 hours.
