Bitcoin and the entire cryptocurrency market have experienced little change over the last 24 hours, with ETFs focusing on these assets garnering over $590 million in inflows. This marks a continuation of a six-day upward trend.
Key Highlights:
- The influx of funds marks the first week of inflows since late March, as Bitcoin continues to be viewed as a secure investment.
- BlackRock’s IBIT led the way with $970 million in inflows, while Ark’s ARKB saw an outflow of $200 million.
- Bitcoin’s price remains above $94,000, with hopes that surpassing this could pave the way for a significant rise towards $100,000.
Recent Developments: Bitcoin, XRP, ETH, Cardano’s ADA, and BNB have seen stable prices, while Solana (SOL) reported a 2% drop. Monero (XMR) faced an 8.5% decline after a notable increase of 40% earlier, triggered by a hacker converting over $330 million in Bitcoin to the privacy-focused token, as reported by blockchain analyst ZachXBT.
Nexo (NEXO) also made headlines, surging 8% after announcing its return to the U.S. crypto lending market after two years, emphasizing AI capabilities.
Market sentiment is largely affected by expectations of economic data releases this week, which traders are closely monitoring. In light of recent U.S. tariffs, general market sentiment has been hesitant.
Quote:
“Bitcoin and the broader crypto market have sustained gains made last week. Right now, traders are waiting for GDP and unemployment data to be released in the U.S. this week, so not much has altered yet,” said Jeff Mei.
Mei noted that the decline of the U.S. dollar may also explain the robust demand for Bitcoin, adding that the dollar index has dropped approximately 6% over the past month, marking its most significant decline since 2022.
In other news, some traders are observing a growing correlation between Bitcoin and the M2 money supply, highlighting how a larger money supply could signal price increases for Bitcoin as investors seek to protect their wealth from inflation.
