Bitcoin ETF Inflows Boost Price Above $81,000
Bitcoin has regained its footing above $81,000 after experiencing a short-lived dip in price. The cryptocurrency's resurgence comes on the heels of significant inflows into US spot Bitcoin exchange-traded funds (ETFs).
According to reports, these ETFs attracted $593 million over Thursday and Friday, fully reversing earlier outflows. This net influx of $6 million for the week helped drive Bitcoin's price up.
The price increase was not without its challenges, however, as the cryptocurrency market has been facing difficult macroeconomic headwinds. These include elevated US Treasury yields and high crude oil prices above $100 a barrel.
Despite these factors, traders remain cautious but hopeful for future growth. As BTSE's Jeff Mei notes, 'For this week, there aren't any big catalysts to watch out for per se, but any hawkish or dovish remarks by Fed officials could impact the market.' Bitcoin has reached as high as $82,078, inching closer to its four-month high of $82,266 set on September 4.