Bitcoin ETF Inflows Send Price Soaring Above $81,000
Bitcoin has rallied above $81,000 for the first time in two weeks after US spot exchange-traded funds (ETFs) recorded significant inflows at the end of last week. These ETFs attracted a net $593 million over Thursday and Friday, reversing earlier outflows and boosting the cryptocurrency's price.
The surge in ETF inflows came despite a challenging week for digital assets, marked by the failure of a landmark US crypto bill and the Federal Reserve's first interest-rate increase in more than three years. However, a green light from the Securities and Exchange Commission (SEC) on Thursday for digital versions of securities to trade in the US helped to brighten the mood.
Bitcoin has held onto its 6% gain from Friday, reaching as high as $82,078 on Monday in Singapore. Traders are cautious about the momentum's sustainability due to difficult macroeconomic headwinds, including elevated US Treasury yields and crude oil prices above $100 a barrel.