Saturday, 20 April 2024

Crypto News

Spot Bitcoin ETFs record $15M in net inflows, buoys BTC, STX and 0DOG

Bitcoin hits new ATH above $71k; GALA surges as investors target Memeinator

  • Bitcoin (BTC) price surges to above $71k again as spot Bitcoin ETFs record $15 million in net inflows.
  • Stacks (STX) reached a new all-time high of $3.80 and analysts are bullish on its potential.
  • New NFT and game project Bitcoin Dogs (0DOG) nears market launch; it captivated the community with its first-ever ICO on Bitcoin.

Bitcoin has soared to above $71,000 again as spot BTC ETFs see net inflows for the first time in nearly a week.

Meanwhile, analysts are bullish on Bitcoin L2 project Stacks (STX), which hit a new all-time high as BTC broke above $71k. There’s also great anticipation around Bitcoin Dogs (0DOG), a new project whose ICO on Bitcoin attracted over $13.4 million.

Bitcoin price surges as spot ETFs see net inflows

The spot Bitcoin ETFs market has witnessed a flip in flows following a streak of net outflows. 

On Monday, March 25, the spot Bitcoin ETFs market recorded net inflows of over $15 million, the first positive return for the US-listed ETFs that had extended their net outflows to a five-day streak.

While Grayscale’s GBTC continued to see outflows, recording over $350 million on the day, the rest of the ETFs turned green. Fidelity’s FBTC beat BlackRock’s IBIT to the top of single day net inflows on the day with approximately $261 million compared to $35.48 million.

The turnaround came as Bitcoin’s price raced to above $70,000. Incidentally, BTC has dropped to lows of $60,000 last week as net outflows increased, with over $836 million in outflows recorded in the week to March 21.

Stacks (STX) reached a new all-time high

With Bitcoin price retesting levels above $71,000, the market optimism is back as greed & fear index returns to extreme greed levels.

Analysts say altcoins will take up fresh bids and could explode in coming weeks.

Muneeb Ali, the CEO of Trust Machines and co-creator of Bitcoin L2 protocol Stacks, says this could be the wrong time to bet against Bitcoin. Muneeb shared the opinion via a post on X, pointing to events surrounding the highly anticipated BTC halving.

As Bitcoin soared above $71k on Monday, Stacks (STX) price jumped to a new all-time high of $3.80. 


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