On Friday, Bitcoin’s price exceeded $65,000, the highest since August, following a massive $365 million inflow into spot Bitcoin ETFs on Thursday, totaling over $600 million for the week according to CoinGlass data.

On Friday morning, Bitcoin’s price surged past $65,000, marking its highest level since early August. This increase follows a remarkable performance by spot Bitcoin exchange-traded funds (ETFs) in the United States, which experienced inflows totaling $365 million on Thursday alone. These inflows have elevated the cumulative total for the week to over $600 million, as reported by CoinGlass. The upward trend in Bitcoin’s price can be largely attributed to the positive sentiment surrounding the ETF market, which has reinvigorated interest among investors. CoinDesk’s Christine Lee has highlighted this development with the “Chart of the Day.”

The current rise in Bitcoin’s price is closely associated with the substantial inflow of investments into spot Bitcoin ETFs in the United States. ETFs have become a favored conduit for institutional and retail investors looking to invest in Bitcoin without directly purchasing the cryptocurrency. The significant inflows of $365 million in one day underscore a growing confidence in Bitcoin as a viable investment, especially as the total for the week surpasses $600 million. This increase is indicative of a resurgent interest in cryptocurrencies as the market begins to stabilize and grow during the latter part of the year.

In conclusion, Bitcoin has reached a significant milestone by crossing the $65,000 threshold, following a record influx into spot Bitcoin ETFs. This development reflects the increasing confidence among investors and highlights the evolving landscape of cryptocurrency investment vehicles. With rising interest and substantial inflows, the momentum surrounding Bitcoin seems poised for continued growth.

Original Source: www.coindesk.com

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