Bitcoin Reclaims $65,000 as BTC ETF Inflows Return
Bitcoin ETF inflows resumed for a second week, pushing BTC above $65,000. However, the recovery remains modest, recouping only 3.3% of prior $8.2 billion outflows.
Key Numbers
Inflows into Bitcoin exchange-traded funds (ETFs) have returned for a second consecutive week, helping the cryptocurrency reclaim the $65,000 level. However, the recovery remains modest, recouping only 3.3% of the total $8.2 billion in outflows.
Possible Reasons
The rebound follows a period of heavy outflows that lasted several weeks. Analysts attribute the return of inflows to improved overall market sentiment and expectations of monetary policy easing by the Federal Reserve. Major firms like BlackRock (BLK) continue to support their Bitcoin ETF products.
Context
While the return of inflows is a positive signal, their size remains small compared to previous losses. Outflows from Bitcoin ETFs peaked at $8.2 billion over the past months, meaning the market needs further momentum to fully recover those losses.
Similar Moves in the Sector
This move coincides with a broader recovery in the cryptocurrency market, with other major coins like Ethereum also rising. Additionally, stocks of mining and crypto-related services companies have seen modest gains.
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