On Monday, Bitcoin surged past the $50,000 milestone, marking its first foray into this territory since December 2021. This rise coincided with substantial inflows into spot bitcoin ETFs, which collectively surpassed $10 billion in assets under management. Notably, this figure excludes Grayscale’s GBTC, which underwent conversion from an existing trust. Including GBTC, the combined group has witnessed $2.8 billion in net inflows since its inception on Jan. 11.
The ascent beyond $50K occurred around 12:20 p.m. EST on Monday, as reported by CoinGecko. Although Bitcoin’s price has since settled slightly below this threshold at $49,973, it still reflects a noteworthy 3.6% increase over the past 24 hours and a substantial 17.1% surge over the last seven days. With its current market cap standing at $981 billion, Bitcoin’s dominance in the crypto market remains robust.
Bitfinex, a prominent crypto exchange, attributes Bitcoin’s recent gains to two primary factors: the influx of total crypto asset investments and a notable slowdown in the divestment of Grayscale’s GBTC fund. In the preceding week, daily outflows from GBTC averaged less than $100 million, a considerable decrease from the peak of over $600 million seen in late January, according to Bitfinex’s analysis.
Bitfinex’s report highlights the diminishing selling pressure from GBTC as a significant driver bolstering the resilient performance of Bitcoin prices this week.
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