Bitcoin (BTC) reclaimed the crucial $61,000 on Tuesday morning after hovering around the $56k-$58k zones over the last week. BTC’s rally surging straight from the $58K level propelled the king crypto to go green after dealing with intense selling pressure.
The cumulative digital assets market cap soared by more than 3% over the last day to reach $2.14 trillion. The 24-hour trading volume jumped by 29%, standing at $62.28 billion.
Consecutive positive inflows for Bitcoin ETFs spurs BTC
Bitcoin and the broader crypto market are feeling the heat this month, even as global stocks went on to hit record highs. For the first time since November 2022, major crypto assets saw their steepest drop on August 5, triggered by global growth concerns and a significant unwinding of the yen carry trade.
BTC’s price dipped to the $49,000 level on August 5 leaving the crypto market in shackles. However, the king crypto is now back on track as it is moving ahead to regain the $61,000 mark next and set a positive momentum for the market.
A spike in positive flow among the US Bitcoin spot exchange-traded fund (ETF) can be one of the major factors backing BTC’s current trajectory. BTC ETFs recorded a net inflow of almost $62 million on August 19. This is the 3rd straight day these investment funds have posted a positive flow of funds. BTC ETFs saw inflows of $36 million and $11 million on August 16 and August 15, respectively.
On August 19, BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw an inflow of $92.68 million while Grayscale’s GBTC didn’t make any move. Fidelity’s FBTC reported a positive flow of $3.87 million. Bitwise’s BITB turned out to be the biggest loser after witnessing an outflow of $25.72 million over the last day.
Market remains highly volatile, BTC targets $62k
Bitcoin ETF flows are painting a mixed picture as August heads toward a tough finish. It has posted $320 million in outflows while only April was worse with $345 million exiting the market. Despite strong inflows of $2.1 billion and $3.2 billion seen in May and July, the momentum seemed to fizzle out for BTC.
US politics could be adding more volatility. As Trump and Harris battle for the presidency, the crypto market seems to be on the edge. However, Harris has yet to reveal her stance on digital assets leaving traders guessing.
Bitcoin’s price surged by over 4% in the last 24 hours building a trajectory to get over the $62K. BTC is trading at an average price of $61,003 at the press time. Its 24 hour trading volume is up by 44% to stand at $28 billion.
Source: https://www.cryptopolitan.com/bitcoin-rallies-to-61k-with-strong-inflows/