The past seven days in the cryptocurrency market have been absolutely blasting. The total capitalization soared above $2 trillion for the first time in a long while, as the entirety of the market charts considerable gains.
Bitcoin seems to be ahead of the pack for the most part, charting an increase of more than 10% in the last week. At the time of this writing, the price hovers right around $52K, but it went above it on numerous occasions in the past 24 hours. The massive rally seems to be driven by consistently high inflows in spot Bitcoin exchange-traded funds. It appears that the investment product is attracting massive interest, with over $4 billion already being poured across a number of these products. BlackRock’s BTC ETF, somewhat expected, is leading the race. What is even more interesting is that gold ETFs are seeing outflows. Many people speculate that investors are turning to BTC instead.
This is happening more or less three months before the Bitcoin halving takes place in April. This is an event that has historically proven to be incredibly bullish. Coupled with increased inflows on behalf of ETF investors, many analysts and industry experts believe that it will have a positive impact on the market this time around as well.BTC: $51,792 | ETH: $2,775 | BNB: $358 This is How Bitcoin ETF Inflows Are Affecting BTC’s Price Movement.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
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