Markets
Crypto Markets Jump on Positive ETF Inflows
Bitcoin surpassed $67,000 for the first time in almost a month, while ETH jumped 5%.
Crypto markets soared Friday morning, driven by positive ETF inflows.
Bitcoin (BTC) is trading at $67,000, up 3.5% in the last 24 hours. Ether (ETH) jumped 5% to $3,100, while Solana (SOL) rose almost 2%, according to CoinGecko data.
Michael Van de Poppe, CEO of MN Trading, said, “It is likely that the momentum continues from here and the trend has changed.” He added that as a result, altcoins are “rising significantly as confidence returns.”
ETF flows for the week of May 13 increased six-fold to 726.8 BTC from 116.5 BTC the previous week.
Farside Data watch that Fidelity’s Bitcoin ETF (FBTC) saw the largest inflow, increasing by 133.8 BTC during the week. ARK Invest’s Bitcoin ETF (ARKB) also saw significant inflows, with 133.1 BTC entering in a single day on May 14.
May 15 saw a large inflow of 303.0 BTC, led by FBTC and Bitwise Bitcoin ETF (BITB).
Since its launch, the 11 Bitcoin ETFs have accumulated $12.4 billion in assets. According to FeelingSeven major Bitcoin ETFs generated trading volumes of $5.65 billion this week, the highest since March 24.
Meanwhile, in an SEC filing on May 15, multinational investment bank Morgan Stanley revealed that it had acquired $270 million worth of GBTC from Grayscale, establishing itself as one of the largest institutional holders.
According to CoinGlass, in the last 24 hours, 44,484 traders were liquidated, with a total liquidation amount of $113.75 million. The largest liquidation order took place on BitMEX for Bitcoin, valued at $4.80 million.