Bitcoin Hovers Around $70K After ETF Records Month-High Inflows
By Kapil Rajyaguru
Bitcoin hovered around the $70,000 mark during the Asian morning trade on Thursday, a slight drop following Tuesday’s rally to as high as $71,400. BTC is currently priced at $69,430, around 1% lower over 24 hours.
ETH is priced at $3,768, a decrease of just over 0.3% in the last 24 hours.
BlackRock’s spot bitcoin ETF (IBIT) recorded over $290 million in inflows on Tuesday, its highest one-day figure since April 5 and nearly three times the previous high this month: $93 million on May 16. As a whole, ETFs took on nearly $300 million in net inflows.
Meanwhile, WisdomTree has been given the green light to list bitcoin and ether ETPs on the London Stock Exchange. The asset manager said it was among the first applicants to have its prospectus given the go-ahead by the FCA. The Physical Bitcoin (BTCW) and Physical Ethereum (ETHW) ETPs are expected to start trading on May 28 and will be available only to professional investors.
Sentiment towards crypto, despite optimism over a spot Ether ETF, was still constrained by persistent concerns over U.S. interest rates. Several Fed officials warned this week that the central bank needed more confidence that inflation was coming down before it could begin cutting interest rates.
Broader altcoin prices also cooled as Bitcoin retreated, while traders remained largely biased towards Ether in the altcoin complex. Resilience in the dollar also limited any major upside in crypto. Solana slipped 1.6%, while XRP shed 2.3%. Among meme coins, Dogecoin and SHIB each lost 2.8%.
The global crypto market cap is $2.58T, a 0.89% decrease over the last day. The total crypto market volume over the last 24 hours is $98.6B, which makes a 20.22% decrease. The total volume in DeFi is currently $6.78B, 6.88% of the total crypto market 24-hour volume. The volume of all stable coins is now $91.6B, which is 92.90% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.97%, a decrease of 0.12% over the day.
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