Kingdom

Bitcoin

James

The price of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) has surged to reach new all-time highs above $72,000, following a record-breaking week of inflows into crypto exchange-traded products (ETPs).
According to a March 11 <a href="https://blog.coinshares.com/volume-173-digital-asset-fund-flows-weekly-report-d3b5fd18d417" target="_blank" rel="noopener nofollow">post</a> from CoinShares analyst James Butterfill, crypto investment products generated a record-breaking $2.7 billion worth of inflows as of March 8.
Year-to-date crypto ETPs have generated $10.3 billion worth of inflows, which is already nearly on par with the total $10.6 billion worth of inflows crypto ETPs witnessed throughout the whole of 2021. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/0846cfeb-0029-40b8-92f1-ace8940ae4a6.png" alt="" title="">
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 Crypto ETPs witnessed a staggering $2.7 billion in weekly inflows. Source: CoinShares
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Bitcoin accounted for the lion’s share of this figure, seeing $2.6 billion in inflows year-to-date and currently representing 14% of the total crypto-related assets under management (AUM) worldwide. 
Days later, on March 11, the price of Bitcoin rallied to reach a new all-time high of $72,900. The asset has since leveled out and is changing hands for around $72,000, up 6.9% in the last week and 29% over the last month, per TradingView <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE" target="_blank" rel="noopener nofollow">data</a>. 
Inflows into crypto ETPs have been spurred significantly by growing investment into the roster of recently approved spot Bitcoin exchange-traded funds (ETFs) in the United States, which have now <a href="https://cointelegraph.com/news/vaneck-slashes-bitcoin-spot-etf-fees-zero-amid-ath-inflows">seen over $110 billion in total volume traded</a> since their inception on Jan. 11. 
Bloomberg ETF analyst James Seyffart <a href="https://twitter.com/jseyff/status/1767318826461389270" target="_blank" rel="noopener nofollow">noted</a> that a total of five U.S. spot Bitcoin ETFs now held over $2 billion assets under management (AUM), with crypto-native asset manager Bitwise’s BITB fund being the most recent addition to the club. 
“Out of ~3,500 US ETPs there are only 445 with over $2 billion in assets,” Seyffart added.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/2591d9b0-d0ca-450e-a71c-955182036c43.png" alt="" title="">
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 Five U.S. spot bitcoin ETFs now hold over $2 billion AUM. Source: <a href="https://twitter.com/jseyff/status/1767318826461389270" target="_blank" rel="noopener nofollow">James Seyffart on X</a>
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In an analyst note viewed by Cointelegraph, IG market analyst Tony Sycamore predicted that the current rally could see Bitcoin’s price push toward $80,000 in the coming months, adding that the crypto asset would be “well supported” on any potential dips. 
Related: <a href="https://cointelegraph.com/news/sec-radio-silence-ethereum-etf-not-a-good-sign-bloomberg-analyst">SEC radio silence on Ethereum ETF ‘not a good sign’ — Bloomberg analyst</a>
Mikkel Mørch, founder of digital asset investment fund ARK36, told Cointelegraph that Bitcoin’s new all-time high also coincided with <a href="https://cointelegraph.com/news/london-stock-exchange-bitcoin-ethereum-etn">the London Stock Exchange accepting</a> Bitcoin and Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) exchange-traded notes, as well as increased willingness from the United Kingdom Financial Conduct Authority to accept new crypto-related financial products.
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 “This significant regulatory shift not only reflects London’s intention to remain a key player in the financial world but also signals a broader acceptance and institutionalization of cryptocurrencies.”
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Mørch looked to the increasing regulatory acceptance of crypto assets internationally, the upcoming halving event and the continued growth of Bitcoin ETF inflows as heralding a “new era of growth and mainstream adoption for cryptocurrencies.”
“The cumulative effect of these factors is likely to sustain the rally and foster a more robust and diversified investment landscape for digital assets,” he said. 
Magazine: <a href="https://cointelegraph.com/magazine/crypto-inevitable-all-in-meet-vance-spencer/">‘Crypto is inevitable’ so we went ‘all in’ — Meet Vance Spencer, permabull</a>

Bitcoin surges after crypto ETPs notch record $2.7B weekly inflows

Cointelegraph

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