Markets
Cryptocurrency markets rise thanks to positive ETF inflows
Bitcoin rose above $67,000 for the first time in nearly a month, while ETH rose 5%.
Cryptocurrency markets skyrocketed Friday morning, boosted by positive ETF inflows.
Bitcoin (BTC) is trading at $67,000, up 3.5% over the past 24 hours. Ether (ETH) jumped 5% to $3,100, while Solana (SOL) rose nearly 2%, according to CoinGecko data.
Michael Van de Poppe, CEO of MN Trading, She said, “The momentum is likely to continue from here and the trend has changed.” He added that, as a result, altcoins are “rising substantially as confidence returns.”
ETF flows for the week of May 13 increased sixfold to 726.8 BTC compared to 116.5 BTC the previous week.
Data from Farside Shows that Fidelity’s Bitcoin ETF (FBTC) saw the largest inflow, rising by 133.8 BTC for the week. ARK Invest’s Bitcoin ETF (ARKB) has also seen substantial inflows, with 133.1 BTC entering in a single day on May 14.
There was a significant inflow of 303.0 BTC on May 15, led by FBTC and Bitwise Bitcoin ETF (BITB).
Since their launch, the 11 Bitcoin ETFs have accumulated assets of $12.4 billion. Second Most HolySeven major Bitcoin ETFs generated $5.65 billion in trading volume this week, the highest since March 24.
Meanwhile, in a document filed with the SEC on May 15, multinational investment bank Morgan Stanley revealed that it had acquired Grayscale’s GBTC is valued at $270 million, establishing itself as one of the largest institutional holders.
Second CoinGlassIn the last 24 hours, 44,484 traders were liquidated, for a total liquidation amounting to $113.75 million. The largest single liquidation order occurred on BitMEX for Bitcoin, worth $4.80 million.