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11mo ago

Bitcoin Rallies Past $71K as Spot ETFs Attract Record Inflows

Institutional interest in Bitcoin surges with over $880 million in spot ETF inflows, driving cryptocurrency prices higher.

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A large, shiny Ethereum coin with the ETH symbol in the foreground, with a bull and bear facing each other on either side of the coin, representing market sentiment. In the background, a stock market graph shows an upward trend, symbolizing the potential price appreciation of ETH.
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Blockworks

Overview

  • Bitcoin's price has risen above $71,000, marking its highest level since May 21.
  • U.S.-listed spot Bitcoin ETFs saw their second-highest daily inflows ever, with over $880 million on Tuesday.
  • Fidelity's FBTC led the inflows with $378 million, followed by BlackRock's IBIT with $270 million.
  • Positive macroeconomic indicators and anticipated interest rate cuts are bolstering bullish sentiment in the crypto market.
  • Ethereum ETFs are also expected to attract significant investment, potentially drawing $4 billion within five months.