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Bitcoin rebounded to $64,000 on Monday morning after experiencing a significant decline last week. The latest surge in Bitcoin price comes amid the resurgence of spot Bitcoin ETFs.
Grayscale’s Bitcoin ETF has finally seen inflows. According to data compiled by Farside, Grayscale Bitcoin Trust (GBTC), which is the biggest Bitcoin ETF in terms of assets, received $63 million from investors on Friday. This marks the end of daily outflows that had been occurring for almost four months since its conversion to a spot ETF structure in January. As a result, the total inflows on all funds on Friday were $378.3 million.
Grayscale failed to receive investment, as its fee was the highest at 1.5% compared to all other spot Bitcoin ETFs. That’s why it launched a spinoff version last month with a lower fee of 0.15%.
The bullish sentiment in the crypto market has also increased following strong earnings reports from companies such as Coinbase, Block, and MicroStrategy last week.
These companies have benefited from the growing mainstream acceptance of cryptocurrency, as the Securities and Exchange Commission and other agencies around the world approved Bitcoin ETFs earlier this year. In their latest earnings reports, they emphasized their commitment to investing in Bitcoin and developing strategies based on cryptocurrency.
The surge in Bitcoin price has lifted other cryptocurrencies as well. Ether, the second-largest cryptocurrency, which was hovering around $2,800 last week, reached above $3,100 in the morning. The price of Solana and Dogecoin spiked 12% each in the past week, trading at $151 and $0.15, respectively.
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