Over the weekend, Bitcoin (BTC) maintained a stable position above $50,000, despite experiencing a 2.5% decline against the US dollar on Saturday.
However, it regained these losses on Sunday and even gained additional value on Monday morning. At the time of this report, BTC/USD was trading at $52,118.57, a change of 0.67% over the past 24 hours as of 4:10 p.m.
Trading activity for Bitcoin might be subdued with the closure of US markets on Monday. Nonetheless, investors are keen on pushing the cryptocurrency’s value above $52,500, a level where significant selling resistance is noted, as evident in Binance’s order book data.
Since the beginning of the year, Bitcoin has seen a 20% increase in its spot price. This rise is partly attributed to substantial investments flowing into the 10 Bitcoin exchange-traded funds (ETFs) that were approved in the US on January 10th.
According to Bloomberg, these ETFs attracted $2.3 billion in cash inflows last week alone, with the BlackRock iShares Bitcoin ETF (IBIT) leading the way.
Since January 10th, total net inflows into all ETFs have surpassed $5 billion, as reported by Bloomberg’s ETF analyst Eric Balchunas. However, this is balanced by the outflows from the Grayscale Bitcoin Trust (GBTC).
Investors have been rapidly withdrawing from GBTC, mainly due to its relatively high management fee of 1.5%. Not all of these funds are being redirected to other, less expensive Bitcoin ETFs.
