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Bitcoin's price jumped over $67,000 after a $222 million ETF inflow, highlighting strong market momentum and investor enthusiasm.
ETF Inflows and Bitcoin's Price Surge
Recent data from Farside Investors indicates that the U.S. Spot Bitcoin ETFs have received a total inflow of $221.5 million. Many market analysts have also attributed the current surge in the BTC price to the significant inflow of the Spot Bitcoin ETF.
Recently, Bitcoin's price briefly crossed the $67,000 mark, showing that investors' attention has turned to the cryptocurrency. The price has continued to rise today.
The price of Bitcoin has grown by over 145% in the last 12 months, a clear indication of its increasing popularity. The approval of the U.S. Spot Bitcoin ETF has played a significant role in bolstering the industry's confidence in cryptocurrencies, a trend that has been particularly evident this year.
While the price of Bitcoin has been volatile recently, this has mostly been caused by the Bitcoin ETFs' cooling fund flow data. However, the large inflows in the investment instruments this week show that the situation has shifted.
As reported by Coingape, the investment instrument received a total inflow of $948.3 million this week, indicating the investors' strong belief in the cryptocurrency.
Eric Balchunas on Bitcoin ETF Resilience
Eric Balchunas, a senior ETF analyst at Bloomberg, emphasized the tenacity of Bitcoin ETFs while pointing out a significant inflow during the previous two weeks. The net value has returned to roughly "+$12.3 billion" since its introduction, according to Balchunas, who also noted that these inflows offset the negative flows encountered in April.
Additionally, the Bloomberg analyst also shared on X:
At the same time, the price of Bitcoin rose 1.35% to $66,977.71, and the number of trades dropped 15.50% to $25.81 billion. The cryptocurrency's price has reached a record high of $67,459.46 in the past 24 hours. As of this writing, it has gained about 146% year-over-year.
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