Hassan Maishera
TL;DR
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Spot Bitcoin ETFs recorded net positive inflows for the first time in more than a week.
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BTC soars 4% in the last 24 hours to retake the $57k level.
BTC Rallies 4% to Hit $57k
The cryptocurrency market breathed a sigh of relief on Monday following days of negative performances. Bitcoin, the leading cryptocurrency by market cap, led the rally as usual, adding 4% to its value.
Thanks to its positive performance, Bitcoin traded above $57k for the first time in a week. BTC has slightly retraced and now trades at $56,802.
The positive performance can be attributed to US spot Bitcoin ETFs returning to net inflows. According to SoSoValue, US spot Bitcoin ETFs ended their eight-day streak of negative flows on Monday, reporting $28.72 million in net inflows.
Fidelity’s FBTC was the winner, bringing in $28.6 million on Monday. It was followed by Bitwise’s BITB, which saw inflows of $21.99 million. Furthermore, Ark Invest and 21Shares’ ARKB recorded smaller inflows of $6.81 million, while Invesco’s BTCO attracted $3.14 million from investors.
In terms of outflows, Grayscale’s GBTC led the pack as usual, losing $22.76 million. BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, also lost $9.06 million on Monday. Yesterday was the first time IBIT recorded net outflows since August 26th.
Altcoins were not left behind, with most outperforming Bitcoin in the last 24 hours. Ether is up 2.3% in the last 24 hours and now trades at $2,345 per coin. Dogecoin is the best performer amongst the top 10 cryptocurrencies by market cap, up 7%.
The Open Network’s TON continues its recovery following Durov’s arrest. It added 6% to its value in the last 24 hours and trades at $5.20. If it maintains its momentum, TON will overtake Tron’s TRX soon.
Thanks to the improved performances, the total cryptocurrency market cap is now above $2 trillion again.
