By Manoj Dharra
Bitcoin’s price has bounced back from a recent slump, rising above $68,000 and nearly reaching $68,500 earlier today. Significant inflows into spot Bitcoin ETFs, which attracted nearly $1 billion in the past five trading days, drove a volatile week that culminated in the surge.
Despite dipping to $65,000 mid-week due to concerns surrounding Tether, Bitcoin rebounded over the weekend, climbing back to the $67,000 mark. Substantial interest in Bitcoin ETFs fueled this rally, with over $2 billion in net inflows reported last week. BlackRock’s ETF, in particular, led the charge, bringing in $1.147 billion.
Bitcoin is currently trading at $68,740, up 2.55% in the last 24 hours.
Additionally, in a significant update, Metaplanet added 156.8 BTC today, bringing its Bitcoin portfolio to a value of 9.622 billion yen ($62 million). Metaplanet has emerged as one of Asia’s largest corporate Bitcoin holders, accumulating a strong treasury of 1,000 BTC in just six months. The firm’s disciplined investment strategy has led to significant profits over the past two quarters, with its stock price surging 300% since April, often outperforming Bitcoin.
In contrast, Ethereum ETFs have seen little interest, experiencing minor net outflows and finishing the week down by $24.6 million. Ethereum’s price has also struggled, dropping over 6% to below $2,500. Overall, while Bitcoin remains strong, Ethereum is facing challenges in attracting investment.
Furthermore, Elon Musk sparked another surge in Dogecoin’s price last night by posting a DOGE meme on X, causing the cryptocurrency to jump by about 3-4% to over $0.14.
Polkadot also performed well, rising 4% to around $4.20. Ethereum is above $2,500 after a 1.5% increase, and BNB is over $590 with a 1.4% gain. Other altcoins like SOL, RP, TON, ADA, AVAX, SHIB, BCH, and LINK are also in the green.
Conversely, TRX, LEO, and SUI experienced losses, with SUI seeing a notable drop of 4%. Overall, the total crypto market cap has risen to $2.42 trillion.
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