Bitcoin briefly surpassed a fully diluted valuation of $1 trillion on Friday as the price of the world's largest digital asset rose above $47,000 for the first time since March, 2022.
"GBTC selling seems to have slowed, to an average of $59 million per day this week, while flows into the other ETFs continue to be strong, with an average $244 million per day this week. This change is enough to push bitcoin higher," Kendrick added.
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