Bitcoin (BTC) and Ethereum (ETH) had an absolute top day yesterday. Both crypto coins achieved significant price gains and at the same time an enormous amount of capital flowed into American stock exchange funds.
Interest from the United States seems to be increasing day by day and that could form the basis for a longer upward trend.
America is looking at Bitcoin again
Bitcoin in particular is gaining popularity on the American stock exchange. For the third day in a row, there was a lot of demand for the Bitcoin spot Exchange-Traded Funds (ETFs) yesterday.
The eleven listed funds ended with $461.9 million in additional capital. And in three days, $1,145.3 billion has already flowed in. With that money, the fund managers buy Bitcoins to cover the shares. In this way, the Bitcoin price is closely monitored.
Last week the market already had three very strong trading days in a row. As a result, the week closed in the green again for the first time since the second week of January. Last week the funds grew by $787 million, but that result has now already been surpassed.
BlackRock’s IBIT fund in particular is in great shape. This week it has already raked in $892.2 million. So almost all the money went to the largest asset manager in the world.
The great interest from America is also clearly visible when we look at the Coinbase Premium Index. This compares the Bitcoin price on Coinbase, which mainly has American users, with the price on major international exchanges.
Yesterday the highest level in almost three months was reached, which means that there is a lot of buying from the United States.
A high Coinbase Premium and continued inflows into the ETFs have often been important ingredients for strong price increases in the past.
That became clear again yesterday. Bitcoin skyrocketed more than 9 percent, rising from $67,700 to a peak of $74,000.
Ethereum is also waking up again
Ethereum also did good business on Wall Street. Yesterday, the funds recorded net inflows of $169.4 million, marking their best performance since January 14.
The engine still needs to get going a little more with the largest altcoin. It lost another $10.8 million on Tuesday and posted a modest inflow of $38.7 million on Monday. Last week it ended with a plus of more than 80 million dollars.
Ethereum even rose by almost 12 percent yesterday, rising from $ 1,950 to $ 2,180.
Source: https://newsbit.nl/etfs-kopen-massaal-bitcoin-en-ethereum-tijdens-topdag-op-de-markt/
