It is possible that the downfall of bitcoin, which has been going on for a while now, may soon be over. Spot Bitcoin ETFs This week, BTC has seen a rise of around $60,000 and $500,000,000 in new inflows. Bitcoin continues to gain popularity among investors, as it appears that the markets are recovering.
Cryptocurrency is now trading at $58,124, up by more than 1.3%. CoinMarketCap. In recent weeks, however, the token has seen a noticeable downturn. The token fell more than 16% in the last thirty days as it appears that a bullish turnaround is on the way.
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BTC is aiming to return to $60,000 while ETFs flourish
Spot Bitcoin Exchange Traded Funds (ETF) are thriving despite bad weeks’ performance. BTC has been trying to make a recovery. In fact, this investment vehicle was massive. In March, its all-time record high was $73,000. This is because of the approval it received in January.
BlackRock’s iShares Bitcoin Trust, or IBIT as it is also known, led all BTC ETFs issuers by inflows of $308.2 millions. The ETF leader has once again proven its worth. Fidelity’s performance was impressive as well. The ETFs it offered this week brought in $152 million.
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Grayscale’s Bitcoin Trust, however (GBTC), took a different turn. Net outflows in the amount of over $12 million were recorded for two consecutive days. It is clear that the display reflects a concern for investing in a struggling asset. It does seem that many investors were interested in purchasing the asset at a lower price.
According to data, Bitcoin addresses that accumulate bitcoins acquired over 9,900 BTC in one day. CryptoQuant. The $553,4 million in crypto shows a growing confidence that this token can turn around. The US Inflation figures are being closely watched by the market. This will be a major factor in Federal Reserve’s decision on whether to lower interest rates, which remain at 23-year highs.
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Source: watcher.guru
