Bitcoin enthusiasts appear to be shrugging off last week’s outflows from US exchange-traded funds, with the largest cryptocurrency climbing back above $70,000 again.
Most digital assets were higher Monday, with Bitcoin gaining as much as 7.1% to $70,816. That’s the first time the token has been above $70,000 in more than a week. Ether was up around 6%, while Solana and Dogecoin were both more than 4% higher.
Almost $900 million was pulled from those ETFs last week, reflecting continual outflows from the Grayscale Bitcoin Trust as well as a moderation in subscriptions for offerings from BlackRock Inc. and Fidelity Investment.
The group of 10 funds saw one of the worst weeks of the year since they were launched 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.”
