BLK - Bitcoin Nears $74000 As ETFs See Record Daily Inflows Of $1 Billion

2024-03-13 10:45:23 ET

The price of %Bitcoin (CRYPTO: ) has risen above $73,000 U.S. and hit a new all-time high as exchange-traded funds (ETFs) that track the %Cryptocurrency price saw record one-day inflows of $1 billion U.S.

Data from %BitMEX Research shows that spot Bitcoin ETFs in the U.S. took in 14,706 Bitcoin, worth more than $1 billion U.S., on March 12, surpassing a previous record of $673 million U.S.

%Blackrock (NYSE: BLK) posted a record $849 million U.S. of inflows to its spot Bitcoin ETF, while Grayscale led outflows at $79 million U.S.

Some traders are now saying that the price action in spot Bitcoin ETFs shows that institutional investors are starting to buy and that it is no longer just retail investors piling into the funds.

Market sentiment appears to remain bullish on Bitcoin and cryptocurrencies in general. The price of Bitcoin has now risen 65% year-to-date and hit successive new all-time highs.