On Thursday morning, Bitcoin (BTC) saw a 1.7% rise against the US dollar, bouncing back from a decline the day before and pushing its week-on-week gains to over 4%.
Wednesday witnessed a resurgence in Bitcoin exchange-traded funds, with an additional $243 million in cash inflows, adding to the earlier $400 million influx this week.
The total bitcoin ETF sector is on the brink of reaching a landmark $12 billion in net cash inflows, a feat not achieved since the US Securities and Exchange Commission greenlit these products in January.
Although interest in the ETF space seemed to wane last week, the recent surge indicates enduring market robustness.
This uptick has been bolstered by the launch of the 11th bitcoin ETF, the ‘Hashdex Bitcoin ETF’ by Tidal Investments and Hashdex Asset Management, trading under the DEFI ticker.
Hashdex is the digital asset advisor for DEFI, with Tidal as the sponsor. DEFI, which was formerly a futures ETF, has transitioned to this new role.
Bitcoin has experienced a 67% increase since the start of the year.
In the realm of alternative cryptocurrencies, Ethereum (ETH) fell by 2.4% against the US dollar yesterday but rebounded with a 2.4% rise this morning.
The ETH/USD trading pair is presently valued at $3,581, reflecting a modest increase over the week.
Dogecoin (DOGE) currently leads in the altcoin sector, showing a 46% surge against the US dollar.
The meme cryptocurrency Shiba Inu (SHIB) has also seen a rise, up approximately 20%.
The global market capitalization of cryptocurrencies stands at $2.66 trillion, with Bitcoin holding a 52.3% market dominance.
The Bitcoin price is $71,433.87, a change of 2.59% over the past 24 hours as of 2:35 p.m.
