US Spot Bitcoin ETFs have recorded net inflows for the third straight day, amassing a total of $31.6 million. Leading the pack is BlackRock’s IBIT with inflows of $37.9 million, closely followed by Ark’s 21Shares ARKB and BITB, which saw inflows of $33.3 million and $23.2 million, respectively.
On the other hand, Grayscale’s GBTC experienced an outflow of $66.9 million. This activity reflects a growing optimism among investors regarding digital assets, with ETFs now holding 4.24% of the total Bitcoin supply, equivalent to 836k BTC valued at approximately $55.6 billion.
Bitcoin (BTC) has retreated from its early-week peaks after experiencing a turbulent couple of trading sessions. The world’s leading cryptocurrency declined over half a percentage point against the US dollar on Tuesday. Although it showed some improvement during the Asian trading hours, it faced increased selling pressure as the UK markets opened.
Currently, the BTC/USD pair has gained 4.5% over the week, standing at $66,554.45, a change of 0.87% over the past 24 hours as of 12:44 p.m.
As the week unfolds, traders might turn their attention to the Big Tech earnings season for potential cues to support Bitcoin’s price. The earnings season kicked off strongly with Tesla’s shares jumping 13% after the market on Tuesday. Other major reports anticipated this week include Facebook’s parent company Meta, Google’s parent Alphabet, and Microsoft, with a particular focus on AI-driven earnings growth.
While it’s not certain, a continued rally in tech stocks could positively influence cryptocurrency prices in the short term.
Meanwhile, bitcoin exchange-traded fund inflows have been lacklustre, mirroring the average performance seen in the spot markets.
Over the past week, Ethereum (ETH), the world’s second-largest cryptocurrency, has seen a 5.6% increase in value against the US dollar, outperforming Bitcoin. In the altcoin market, BNB and Solana (SOL) have respectively gained 12% and 23% in the same period. Meanwhile, the meme coin Shiba Inu has risen by over 20%. The global cryptocurrency market valuation now stands at $2.45 trillion, with Bitcoin accounting for 53.3% of the market share.
