Bitcoin Soars Back Above $81,000 on ETF Inflows
The Bitcoin market has seen a significant boost in recent days, with US spot Bitcoin exchange-traded funds (ETFs) experiencing large inflows at the end of last week. This influx of capital helped drive the price of Bitcoin back above $81,000 for the first time in two weeks.
The ETFs attracted $593 million over Thursday and Friday, which more than offset earlier outflows to result in a net increase of just $6 million for the week. Despite this relatively small net gain, the influx of capital into the Bitcoin market has been substantial enough to push the price up by over 6% on Friday.
On Monday, the price of Bitcoin reached as high as $82,078 in Singapore, suggesting that the momentum from last week's inflows is still carrying through. However, it remains to be seen whether this uptrend will continue or if the market will experience any pullback.