Major cryptocurrencies surged on Wednesday evening driven by massive inflows into U.S.-listed spot Bitcoin ETFs during Tuesday’s drop. This indicates that ETF investors were unfazed by the plunge and saw it as an opportunity to buy the dip.
What Happened: The ten new ETFs collectively experienced over $648 million in net inflows, marking the largest daily allocation since their launch on Jan. 11, according to data compiled by BitMEX Research. Notably, the BlackRock iShares Bitcoin ETF (NASDAQ:IBIT) set a new daily record, attracting $788 million in fresh investments and increasing the fund’s holdings by 12,600 BTC.
Bitcoin hit a record high above $69,000 before plunging to around $67,000. Meanwhile, Hut 8, a Bitcoin mining company, has confirmed the permanent closure of its facility in Drumheller, Canada, citing challenging conditions in the mining industry.
Top Gainer (24 Hour)
The global cryptocurrency market cap now stands at $2.51 trillion, showing a 0.49% increase in the past 24 hours.
Stocks surged on Wednesday, signaling a market turnaround after consecutive losses on Wall Street.
The S&P 500 rose by 0.51% to reach 5,104.76, and the Nasdaq Composite saw gains of 0.58% to reach 16,031.54. Meanwhile, the Dow Jones Industrial Average saw an increase of 75.86 points, or 0.2%, closing at ...