Bitcoin ETFs Drive Crypto Back Above $81,000 Amid Ongoing Macro Concerns
Bitcoin has reclaimed its value above $81,000 after a turbulent week for digital assets. The US spot Bitcoin exchange-traded funds saw significant inflows at the end of last week, amounting to $593 million over Thursday and Friday. This counter-balanced earlier outflows, resulting in a net increase of $6 million for the week.
The sudden change in sentiment came as the Securities and Exchange Commission gave its green light on Thursday for digital versions of securities to start trading in the US. Despite this positive development, traders remain cautious due to difficult macroeconomic headwinds, with crude oil still above $100 a barrel and US Treasury yields elevated.
Bitcoin has since held onto its gains, inching up to as high as $82,078 on Monday in Singapore. However, if it surpasses the $82,266 mark set on September 4, it will reach a four-month high.