Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
Spot Bitcoin(<a href="https://xpertsstudio.com/key-law-enforcement-group-flips-on-crypto-bill/” title=”Key law enforcement group flips on crypto bill”>CRYPTO: BTC) exchange-traded funds pulled in over $730 million on Thursday, the third-largest daily inflow of the year, as the apex cryptocurrency surged past $82,000.
BlackRock Leads BTC Purchases
BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT), the world’s largest cryptocurrency-focused fund, alone accounted for nearly $454 million, accordingto data from SoSo Value.
The two largest single-day inflows previously occurred on consecutive days in January, peaking at $843 million on Jan. 14.
Cumulative net inflows into U.S.-based Bitcoin ETFs have now reached $55.44 billion, with roughly $2.8 billion coming over the last two weeks. A third straight week of net ETF inflows is on the table if this week finishes positive.
Bitcoin Rally Drives Institutional Interest
The surge in institutional interest coincided with Bitcoin’s ongoing momentum. The apex cryptocurrency climbed above $82,000 on Thursday and has jumped over 26% over the month.
Bitcoin’s open interest spiked 6.61% in the last 24 hours, accordingto Coinglass, suggesting increased speculative activity.
Scott Melker, a widely followed cryptocurrency analyst, flagging $82,814 as a pivotal level for a potential trend shift.
“A close above $82,814 would make the first higher high and officially kill the bearish trend and most bear arguments from a technical perspective,” Melker projected.
The latest spike followed dovish signals from the Federal Reserve, as the CME FedWatch tool showed odds of a September rate hike dropping to 50.2% from 57% a week ago.
Price Action: At the time of writing, BTC was exchanging hands at $80,665.41, up 3.93% in the last 24 hours, according to data from Benzinga Pro.
IBIT shares were up 0.86% in Friday’s pre-market trading after closing 5.85% higher at $46.35 on Thursday.
According to Benzinga’s Edge Stock Rankings, IBIT maintains a stronger price trend in the short and medium term, though it has lagged over the longer term.
Market News and Data brought to you by Benzinga APIs
To add Benzinga News as your preferred
Source: www.benzinga.com