Bitcoin supporters appear to be ignoring last week’s outflows from US exchange-traded funds, with the largest cryptocurrency rising back above $70,000. Most digital assets were higher on Monday, with Bitcoin rising as much as 7.1% to $70,816.
This is the first time the token has risen above $70,000 in more than a week. Ether was up about 6%, while Solana and Dogecoin were up more than 4% each.
Last week, nearly $900 million was pulled from those ETFs, reflecting ongoing outflows from the Grayscale Bitcoin Trust as well as a slowing in subscriptions to offerings from BlackRock Inc. and Fidelity Investment.
The group of ten funds experienced one of their worst weeks since their inception in January.
“Even though ETF inflows have hit a drag, order books are loaded on the bid side around the 60k area, showing that the market is eager to buy the dip,” said Nathanaël Cohen, co-founder at digital-asset hedge fund INDIGO Fund. “You need to go get the liquidity at lower levels to then catch a bid and generate momentum to go higher.”
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