Bitcoin ETF Inflows Drive Price Surge to $49K
TL;DR Summary
Bitcoin's price surpassed $49,000, driven by strong spot bitcoin ETF inflows and signs of institutional accumulation. The cryptocurrency experienced a sudden spike to $49,100 during the U.S. trading session and was changing hands slightly above $48,900 at press time. Last week saw over $1.1 billion in net fresh funds flowing into spot bitcoin ETFs, while potential selling pressure from Genesis, a crypto lender under bankruptcy protection, liquidating its $1.6 billion worth of GBTC holdings could impact ETF net inflows and prices in the coming months.
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