- Bitcoin price has reached a new high, breaking past the $111,000 mark. This growth is driven by growing investor confidence and a sharp increase in ETF inflows.
- Bitcoin’s new surge has sparked a rise in other altcoins like Ether, Cardano, and Solana, as global interest in crypto grows.
Bitcoin price has gone past the $110,000 high for the first time. During the surge in BTC price, it was also recorded that the inflow into ETFs (exchange-traded funds) also increased. This increase shows investors’ interest in Bitcoin ETFs and confidence in Bitcoin’s future.
BTC spot ETFs grew to over $600 million in new investments. This new achievement was recorded on Wednesday, and it marked the sixth day in a row that more money was added.
Rising Demand for Bitcoin ETF
According to a report by SosoValue, about $608.99 million in fresh funds were added to BTC spot ETFs, raising the total number of their combined value to $129.02 billion. On Wednesday, people added much more money to BTC ETFs than they did the day before; about 85% more was recorded. While Tuesday saw a $329 million inflow, Wednesday jumped to nearly $609 million. This huge growth was recorded as the sixth day in a row of steady growth, showing that more investors are starting to trust BTC.
BlackRock’s IBIT saw the highest daily increase with $530.63 million, pushing its total to $46.68 billion. Fidelity’s FBTC followed, collecting $23.53 million and reaching $11.83 billion in total.
Bitcoin’s Rise and Its Impact on Other Altcoins
Ashish Singhal, the co-founder of CoinSwitch, said BTC’s rise is more than just a big moment for the market, but it also shows how people around the world are starting to see crypto as the new way to finance and bank. He also said that the support from U.S. policies and clearer global economic conditions are some of the reasons behind the recent growth.
Additionally, Bitcoin’s new high has brought about the growth in altcoins like Ether, Cardano, and Solana also went up, following BTC’s new high price.
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