Bitcoin Climbs Above $63,000 Today: Why is BTC Rising?

Bitcoin Climbs Above $63,000 Today: Why is BTC Rising?

PENGY July 17, 2024, 1:02 am Facebook Twitter


BTC has surged past 63.000 today, which was an important step in the recent price rally. This astonishing climb is mainly caused by the increasing impact of Bitcoin ETFs on the market.

Also Read: Trump Bitcoin Impact: Assassination Attempt Sparks Surge

Decoding the Impact of Bitcoin ETF Inflows on BTC’s Price Surge

bitcoin btc rocket cryptocurrency
Source: Freepik.com

US Bitcoin Spot ETFs Performance

The performance registered by US Bitcoin Spot ETFs has been a sight to behold. Starting on July 15, $183.8 million was recorded as a daily net inflow. This means that the total to an impressive $15.99 billion.

The total net assets now stand at $54.82 billion, which is 4.52% of the asset’s entire market cap.

We are now in the seventh consecutive day of positive inflows, which has also skyrocketed investors’ confidence in BTC.

Hong Kong Bitcoin ETF Market Growth

The Hong Kong Bitcoin ETF market has also grown exponentially lately. On July 15, a single-day inflow volume of 612.24 BTC was registered, the second-highest in history outside the first day of trading.

Currently, Hong Kong ETFs hold 4940 BTC, and its daily trading volume is approximately $23 million.

Leading ETF Issuers

The two OSL partners, ChinaAMC and Harvest Global, are the country’s leading ETF issuers. Their combined power holds 2849 BTC, which accounts for 58% of the market share.

ChinaAMC’s Bitcoin ETF leads the market with approximately 2100 BTC under its management.

Also Read: Germany’s Bitcoin Stash Dips 90%: How Much Does It Hold Now?

The global Bitcoin ETF market is seeing a price surge, with both the US and Hong Kong markets showing excellent performance. This trend is putting a lot of pressure on BTC’s price.

This also happens as institutional investments are increasing the demand for cryptocurrency.

Factors Driving BTC’s Price Increase

Bitcoin ETF inflows are a key driver of the current price surge, but other factors are worth mentioning:

  • Increasing institutional adoption of the crypto
  • An increased retail interest
  • The market has a positive sentiment
  • The global economic uncertainties

Also Read: Ripple Donates $1M in Bid to Unseat US Senator Elizabeth Warren

Having BTC climb above $63.000 is proof of the ever-growing influence of the Bitcoin ETF on the cryptocurrency market.

As ETF inflows continue to rise and global markets show increased interest, the outlook for the asset remains positive. How long will this period last? Only the market will tell.

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