Bitcoin Surges Past $86,000 as Spot ETFs Attract Record Inflows
The prolonged crypto winter may be coming to an end, according to Fundstrat Head of Digital Assets Sean Farrell. Bitcoin's latest breakout has been confirmed by the ETF market, with investors pouring fresh money into spot crypto products.
U.S. spot Bitcoin ETFs attracted $998.9 million in net inflows on Monday as Bitcoin surged above $86,000 to its highest level since January. The rally extended into Tuesday, with Bitcoin briefly reaching $87,360.
The largest beneficiaries of the renewed demand were BlackRock's iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), and ARK 21Shares Bitcoin ETF (ARKB). IBIT is particularly significant, with about $68 billion in net assets as of Tuesday, making it by far the largest spot Bitcoin ETF.
Crypto analyst Ed Engel described crypto as being in the early stages of a new bull market. Nearly $919 million of crypto short positions were reportedly liquidated during the latest surge, which could be crucial for the ETF thesis.