Bitcoin Hits $63k as ETF Inflow Soars Higher

TL;DR

• BTC is up by nearly 8% today and is now trading above the $61k level.

• The rally comes as spot Bitcoin ETFs continue to record net inflow.

BTC Breaks the $63k Barrier

Bitcoin, the world’s leading cryptocurrency by market cap, has continued its excellent start to the week. It is up by more than 8% today and has surpassed the $63k barrier.

At press time, the price of Bitcoin stands at $62,165. The positive performance comes as spot Bitcoin ETFs continue to rake in record trading volume. Data obtained from BitMex Research shows that Blackrock's iShares bitcoin ETF (IBIT) recorded its largest daily inflow of $520 million on Tuesday, eclipsing Monday's total inflow of $111.8 million.

According to Coinglass, Bitcoin’s recent price action caused the liquidation of over $100 million in bitcoin positions, with almost $72 million being shorts. Bitcoin is having one of its best months in recent years as the cryptocurrency is up by 42% since the start of February.

Thanks to Bitcoin’s ongoing rally, its market dominance now stands at 53.1%, while Ether’s market dominance remains above 17%. The total cryptocurrency market cap has surged by 5% today and currently stands at $2.26 trillion.