“Crypto assets continue their rally as spot bitcoin ETFs hit a record,” according to Simon Peters, market analyst at eToro
Cryptocurrency markets have maintained their bullish momentum, adding more than $140 billion since last Monday.
Bitcoin, in particular, has set another “higher high,” reaching $69,000, a price level not seen since late July.
Last week was one of the biggest in terms of net inflows since the launch of spot bitcoin ETFs, reaching $2.13 billion, which has undoubtedly helped drive the rise in the price of bitcoin.
In addition, US spot bitcoin ETFs reached a major milestone last week, with a total of $20 billion in net inflows since their launch. To put this into context, gold ETFs took roughly five years to reach that figure, according to Bloomberg ETF analyst Eric Balchunas.
Weekly jobless claims, together with the manufacturing and services purchasing managers’ index (PMI) data due to be released on Thursday, could generate volatility in cryptocurrency markets if the actual figures deviate significantly from forecasts.
