Bitcoin tops $70,000 again after slumping on US ETF outflows

Mar26,2024



Bitcoin Enthusiasts appear to be ignoring last week's outflows from US exchange-traded funds, with the largest cryptocurrency climbing above $70,000 again.
Most digital assets were higher on Monday, with Bitcoin rising 7.1% to $70,816. This is the first time that the token has been above $70,000 in more than a week. Ether was up nearly 6%, while Solana and Dogecoin were both up more than 4%.
Nearly $900 million was pulled from those ETFs last week, reflecting continued outflows from the Grayscale Bitcoin Trust as well as a decline in subscriptions to the offerings. blackrock inc and Fidelity Investments. The group of 10 funds saw their worst week of the year since their launch in January.
“Even though ETF inflows have declined, the order book is filled on the bid side around the $60k area, which suggests the market is ready to buy the dips,” said Nathanael Cohen, co-founder of digital-asset hedge fund Indigo Fund. Curious.” , “You need to get liquidity at the lower levels to hold the bid and generate momentum to move higher.”
New demand for Bitcoin ETFs has been the main driving force behind the historic rally in the largest cryptocurrency this year. Strong inflows into funds sparked optimism among a wide range of investors about the rapid growth of the asset class. However, massive outflows last week created greater hedging among traders against lower prices as well as significant liquidations in leveraged bullish bets in the crypto futures market.
Shares of crypto-related companies also rose. Bitcoin proxy MicroStrategy rose 20%, crypto exchange Coinbase Global rose 9% and miner Marathon Digital rose 5%.



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