Bitcoin Surges Near $86,000 on Record ETF Inflows
Bitcoin traded near $86,000 on Wednesday after US spot Bitcoin ETFs recorded their largest single-day inflow in 11 months at nearly $999 million. Institutional demand and short liquidations supported the rally.
According to Prateek Gupta, Head of Business at Mudrex, the move pushed BTC above its 365-day moving average for the first time since March 2023.
The global crypto market capitalization was down 0.08% to $2.92 trillion, and the crypto fear and greed index stands at 78, suggesting market sentiments are between 'Greed' and 'Extreme Greed', according to CoinDCX Research Team.
Analysts believe that a sustained move above $89,000 could open doors toward the $100,000 mark. Nischal Shetty, Founder of WazirX, stated that the broader crypto market is trading with a positive bias, with total market capitalization rising toward $2.93 trillion and 24-hour trading volume at approximately $110.73 billion.