Cryptocurrency

Bitcoin maintains high prices as ETF investments continue, aiming for record highs.

Bitcoin’s Rally Continues with ETF Inflows

Bitcoin Nears Record Highs

Bitcoin is edging close to its all-time highs as it trades just below the record levels in Asian markets. The cryptocurrency is enjoying steady support from inflows into approved spot exchange-traded funds.

Continued Growth in Bitcoin Price

The world’s largest cryptocurrency is currently trading at $72,156.6, up by 5.6% at 22:51 ET. This surge follows a recent record high of $72,771 achieved on Monday, showcasing the strength of Bitcoin’s rally.

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Institutional Capital Boosts Bitcoin

The approval of spot ETFs earlier this year attracted significant institutional capital into Bitcoin. MicroStrategy’s purchase of 12,000 tokens on Monday further fueled the token’s upward momentum.

Bitcoin ETF Inflows

Investment products tracking Bitcoin recorded inflows of $2.7 billion in the week ending March 10. BlackRock’s iShares Bitcoin ETF dominated these inflows, with Fidelity also experiencing substantial investment.

Bitcoin’s Influence on Crypto Markets

Bitcoin remains the primary driver of capital inflows into the crypto market. While other major tokens like Ethereum and Ripple saw minimal inflows, Bitcoin continues to attract significant attention.

Challenges in the Crypto ETF Sector

Grayscale faced outflows of $1.7 billion in its Bitcoin ETF as it contends with increased competition in the sector. The approval of Bitcoin ETFs in 2024 triggered a surge of institutional capital into the cryptocurrency market.

Concerns and Speculations

Despite surpassing its 2021 highs, Bitcoin’s trading volumes remain subdued compared to the previous bull run. This trend has raised questions about the sustainability of Bitcoin’s current rally and sparked discussions about market manipulation.

Market Performances

Crypto stocks exhibited mixed performances, with Microstrategy rising while Coinbase and Marathon Digital Holdings saw declines. Coinbase continues to navigate regulatory challenges with the SEC regarding cryptocurrencies.

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