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Headline : Bitcoin nears $100,000 as inflows boost Bitcoin ETFs

Read more from the original article on here at qz.com.





Tags : #bitcoin #nears #100000 #inflows #boost #bitcoin #etfs


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Bitcoin came within striking distance of the historic $100,000 mark, reaching $99,645 on November 22. However, the cryptocurrency has since shown signs of hesitation, struggling to push past this milestone.

Bitcoin experienced a brief dip last week to around $92,500. But it’s once again hovering around $96,000, with eyes set on the elusive $100,000 target. This recent upward momentum has been fueled by a surge in investor interest in spot Bitcoin ETFs, following notable outflows on November 25 and 26.

According to ETF tracker Farside, Bitcoin ETFs saw significant inflows on November 27 and 29, totaling $103 million and $320 million, respectively. BlackRock’s (BLK+1.78%) iShares Bitcoin Trust (IBIT+0.61%) (IBIT) led the charge, attracting $137 million, while Fidelity’s (FNF+2.01%) Wise Bitcoin Origin Fund (FBTC) followed with $106 million. This renewed enthusiasm for spot Bitcoin ETFs is helping to drive Bitcoin’s push toward the six-figure milestone.

Other cryptocurrencies have experienced recent upswings as well due to the potential arrival of new crypto ETFs. XRP, the native token of the XRP Ledger, an open-source blockchain, has skyrocketed to its highest level since May 2021, peaking at $2.44 on Monday morning. The rally is fueled by mounting speculation over a potential XRP exchange-traded fund (ETF).

Read more from the original article on here at qz.com.


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