Crypto News- In a remarkable turn of events, Bitcoin has surged beyond $72,000, marking a significant milestone in its journey to the top. This surge comes hot on the heels of an unprecedented week for crypto exchange-traded products (ETPs), which witnessed a staggering $2.7 billion in inflows, as highlighted by CoinShares analyst James Butterfill on March 11.
The year-to-date influx into crypto ETPs stands at an astonishing $10.3 billion, nearly matching the entirety of last year’s inflows. Bitcoin has played a pivotal role in this surge, accounting for $2.6 billion in inflows so far this year and representing 14% of the global crypto assets under management (AUM).
Bitcoin’s Surge Fueled by Historic 2.7B Dollars Weekly Inflows into Crypto ETPs
On March 11, Bitcoin’s rally reached a zenith, hitting an all-time high of $72,900 before settling around $72,000. This surge marks a 6.9% increase over the past week and a whopping 29% surge over the last month, according to TradingView data.
The influx into crypto ETPs has been fueled by the growing interest in recently approved spot Bitcoin exchange-traded funds (ETFs) in the United States, which have collectively amassed over $110 billion in trading volume since their launch on Jan. 11.
Bloomberg ETF analyst James Seyffart noted the remarkable growth, with five U.S. spot Bitcoin ETFs now managing over $2 billion in assets. Notably, Bitwise’s BITB fund joined this elite group, reflecting the escalating institutional interest in crypto assets.
Amidst this fervor, IG market analyst Tony Sycamore predicts a bullish trajectory for Bitcoin, envisioning a potential push towards $80,000 in the coming months. He asserts that Bitcoin remains well-supported, even amidst potential market downturns.
Mikkel Mørch, founder of ARK36, sees Bitcoin’s new peak as more than just a market milestone. He points to significant regulatory shifts, such as the London Stock Exchange’s acceptance of Bitcoin and Ether exchange-traded notes, as well as the UK Financial Conduct Authority’s openness to new crypto-related financial products.
Mørch emphasizes that these regulatory changes signify a broader acceptance and institutionalization of cryptocurrencies, paving the way for a new era of growth and mainstream adoption.
In essence, Bitcoin’s meteoric rise, coupled with the evolving regulatory landscape and increasing institutional interest, heralds a promising future for cryptocurrencies, poised for sustained growth and widespread adoption.
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