BTC Tops $61k as Spot Bitcoin ETFs Extend Streak of Positive Flows to Six Days

TL;DR

• Bitcoin is trading above $61k again after adding less than 1% to its value.

• Spot Bitcoins ETFs recorded $65m in net inflows, extending the streak of positive flows to six days.

Bitcoin Trades Above $61k as the Market Ends the Week Positively

The cryptocurrency market is set to end the week in a positive light thanks to improved performances by Bitcoin and the major altcoins. Bitcoin, the largest cryptocurrency by market cap and daily trading volume, is up by less than 1% in the last 24 hours.

At press time, Bitcoin’s price is $61,061 and could rally higher if the bulls remain in control. The positive performance comes as U.S. spot bitcoin ETFs recorded $64.91 million in net inflows on Thursday.

Data obtained from SoSoValue revealed that BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, led the pack as usual, with $75.49 million in net inflows. Fidelity’s FBTC came second with $9.23 million in inflow, followed by Ark and 21Shares’ ARKB ($7.83 million). WisdomTree’s BTCW followed this with $4.8 million, Grayscale’s GBTC with $4 million, and VanEck’s HODL with $3.41 million in net inflows.

Despite bringing in $4 million, Grayscale’s GBTC also saw $28.36 million exit the fund. Furthermore, Bitwise’s BITB logged $11.5 million in net outflows.

Altcoins performed better than Bitcoin, with most of them up 1% or more in the last 24 hours. ETH is still trading above $2,600 despite adding 1% to its value. Avalanche’s AVAX is the best performer amongst the top 20 cryptocurrencies by market cap, up 10%.

AVAX’s rally can be attributed to the launch of the Franklin Templeton Tokenized Money Market Fund on Avalanche and the introduction of the Grayscale Avalanche Trust.