Markets
Crypto Markets Rise on Positive ETF Inflows
Bitcoin rose above $67,000 for the first time in nearly a month, while ETH rose 5%.
Crypto markets soared on Friday morning, driven by positive ETF inflows.
Bitcoin (BTC) is trading at $67,000, up 3.5% in the last 24 hours. Ether (ETH) rose 5% to $3,100, while Solana (SOL) rose nearly 2%, according to CoinGecko data.
Michael Van de Poppe, CEO of MN Trading, he said, “The momentum is likely to continue from here and the trend has changed.” He added that as a result, altcoins are “increasing substantially as confidence returns.”
ETF flows for the week of May 13 increased sixfold to 726.8 BTC from 116.5 BTC the previous week.
Far-Side Data show that Fidelity’s Bitcoin ETF (FBTC) saw the largest inflow, increasing 133.8 BTC during the week. ARK Invest’s Bitcoin ETF (ARKB) also saw substantial inflows, with 133.1 BTC entering in a single day on May 14.
On May 15, there was a significant inflow of 303.0 BTC, led by FBTC and the Bitwise Bitcoin ETF (BITB).
Since their launch, the 11 Bitcoin ETFs have accumulated $12.4 billion in assets. According to Sanctionseven major Bitcoin ETFs generated trading volumes of $5.65 billion this week, the highest since March 24.
Meanwhile, in a filing with the SEC on May 15, multinational investment bank Morgan Stanley revealed that it had acquired $270 million in 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 total liquidations worth US$113.75 million. The largest single settlement order occurred on BitMEX for Bitcoin, valued at $4.80 million.