Bitcoin Surpasses $71,000 as Spot Bitcoin ETFs See Large Inflows

Investors continue to flock spot Bitcoin ETFsmaking Wednesday the best day since March, with the best cryptocurrency Bitcoin trading above $71,000 in the morning.

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According to the Bitcoin ETF tracker Other side, Spot Bitcoin ETFs saw more than $880 million in inflows on Tuesday. Fidelity’s FBTC saw $378 million in inflows, the highest among all spot Bitcoin ETFs, followed by BlackRock’s IBIT, which saw an inflow of $270 million.. Grayscale’s GBTC, which is used to experiencing capital outflows, also attracted investors with $28 million.

Bitcoin spot ETFs were approved in January by the SEC and have since boosted and revitalized the crypto market. Following this, the UK’s financial watchdog permitted investment exchanges to list exchange-traded notes (or ETNs) linked to cryptocurrencies. Recently, Hong Kong gave the green signal to Bitcoin ETFsand earlier this week, Australia got its first Bitcoin ETF. Moreover, SEC greenlights eight spot Ether ETFs last month in its historic decision. Thanks to the approval of the authorities, investor confidence increased, causing a boom in the crypto market.

Neil Roarty, analyst at the investment platform Stocklyticssaid in an email that institutional investors would remain bullish on Bitcoin if interest rates also fell.

“If we see [interest rate] “Decreases sooner rather than later, the strong returns that Bitcoin has generated in recent times could look even more attractive compared to more traditional investments – and perhaps safer,” he said. “As always seems to be the case with Bitcoin, the only guarantee is that we will find ourselves in an unpredictable adventure.”

Bullish sentiment spread across the crypto market on Wednesday morning, with the second-largest cryptocurrency, Ether, hovering around $3,800. Solana price jumped 3.5%, trading around $172, while Dogecoin rose almost 2%, trading at $0.16. Additionally, BNB hit its all-time high of $711.56 on Wednesday, after rising more than 5%. Overall, the global crypto market grew by almost 3%, to $2.63 trillion. according to CoinMarketCap.

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