April 19, 2024
Bitcoin price today

Bitcoin Surges to Record Highs Above $72,000 Amidst Crypto ETP Boom

In a remarkable development, Bitcoin has surged to new all-time highs, surpassing the $72,000 mark. The impressive rally is result of the influx of funds into crypto exchange-traded products (ETPs), as reported by CoinShares analyst James Butterfill on March 11. The total inflows into crypto investment products reached an astounding $2.7 billion as of March 8.

Year-to-date, crypto ETPs have generated an impressive $10.3 billion in inflows, almost matching the total for the entire year of 2021, which stood at $10.6 billion. Bitcoin led the charge, contributing $2.6 billion in inflows, constituting 14% of the global crypto-related assets under management (AUM).

Bitcoin Hits $72,900 Amidst Inflows Surge

On March 11, Bitcoin’s price soared to a new all-time high of $72,900 before stabilizing around $72,000. The digital asset has witnessed a 6.9% increase in the last week and a remarkable 29% surge over the past month, according to TradingView data.

The surge in ETP inflows can be attributed to the rising investments in recently approved spot Bitcoin exchange-traded funds (ETFs) in the United States. These ETFs, initiated on January 11, have collectively traded over $110 billion in volume. Analyst James Seyffart highlighted that five U.S. spot Bitcoin ETFs now manage assets over $2 billion, with Bitwise’s BITB fund being the latest addition.

Analysts Predict Bitcoin to Reach $80,000 in Coming Months

IG market analyst Tony Sycamore anticipates that the current rally could propel Bitcoin’s price towards $80,000 in the coming months. He emphasized the cryptocurrency’s robust support even during potential dips.

Meanwhile, Mikkel Mørch, founder of digital asset investment fund ARK36, linked Bitcoin’s record high to the London Stock Exchange accepting Bitcoin and Ether exchange-traded notes. He pointed to a significant regulatory shift in the UK Financial Conduct Authority’s stance on crypto-related financial products, foreseeing a “new era of growth and mainstream adoption for cryptocurrencies.”

Mørch highlighted the cumulative impact of global regulatory acceptance, the upcoming halving event, and continued Bitcoin ETF inflows, predicting a sustained rally and a more resilient investment landscape for digital assets.

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