![Bitcoin is expected to remain at record highs as ETF inflows continue](https://i-invdn-com.investing.com/news/moved_LYNXMPEI850WX_L.jpg)
©Reuters
Investing.com — Stocks traded just below record highs in Asian trading on Tuesday, continued support from steady inflows into spot exchange-traded funds approved earlier this year.
The world’s largest cryptocurrency rose 5.6% to trade at $72,156.6 by 22:51 ET (02:51 GMT), close to its all-time high of $72,771 hit on Monday. was maintained.
Bitcoin’s latest record high is a continuation of a bull run that saw large amounts of institutional capital flow into Bitcoin following the approval of spot ETFs in January.
The token also received a boost from Bitcoin’s largest corporate holder, MicroStrategy Incorporated (NASDAQ:), which used debt to buy 12,000 tokens on Monday.
Bitcoin ETF expected to receive $2.7 billion in weekly inflows
Bitcoin-linked investment products saw capital inflows of about $2.7 billion in the week ending March 10, according to a Monday report from digital asset management firm CoinShares.
BlackRock (NYSE:)’s iShares Bitcoin ETF (NASDAQ:) accounted for the majority of these inflows, with approximately $2.1 billion, while Fidelity (NYSE:) saw inflows of $1.34 billion. I was seen.
Bitcoin remains the sole driver of capital inflows into the crypto market, with other major tokens such as and seeing minimal inflows or outflows.
Digital asset manager Grayscale (NYSE:) also continued to see $1.7 billion in outflows from its Bitcoin ETFs last week as it continued to struggle with increased competition in the crypto ETF sector.
The approval of Bitcoin ETFs in early 2024 sparked a mad rush of institutional investors into the world’s largest cryptocurrency, given that they allow exposure to the token without investing directly in the cryptocurrency. .
However, even though Bitcoin price surpassed its 2021 high, the token’s trading volume, especially in the retail sector, remained at a fraction of the 2021 bull run, according to Investing.com data. .
The trend has raised questions about how sustainable Bitcoin’s recent rally is, as well as accusations of market manipulation by exchanges and stablecoin operators.
Personal interest in cryptocurrencies had declined significantly over the past two years following a sharp decline in prices marked by rising interest rates and a series of high-profile scams and bankruptcies.
Cryptocurrency stocks had a mixed performance on Monday.MicroStrategy, which is primarily considered a Bitcoin agent, rose 4%, while exchange operators coinbase global Inc (NASDAQ:) and miner Marathon Digital Holdings Inc (NASDAQ:) fell 1% and 12%, respectively.
Coinbase, in particular, is still battling with the Securities and Exchange Commission over the nature of cryptocurrencies.