Crypto Markets Rally After Bitcoin ETFs See $400M Of Daily Inflows
Bitcoin’s market capitalization approaches $1T, while Ether trades at $2,500.
It’s been a good week in the crypto markets, with eight of the top 10 tokens by market capitalization posting solid gains over the past seven days.
Bitcoin is currently trading around $47,600 after briefly surpassing the $48,000 mark earlier today, notching a 10.7% gain on the week. Its market capitalization is approaching the trillion-dollar milestone, with Coingecko reporting it at $934B.
Ethereum is changing hands for $2,500, a 9% surge over the past seven days. The network’s market cap has surpassed $300B at the time of writing.
All top 10 tokens that aren’t stablecoins are enjoying gains. Binance Coin (BNB) lands in third place, trading for $322 with a 7.4% price rise over the past seven days.
Among the top 100 digital assets, Solana memecoin BONK and Layer 1 blockchain Sui are today’s best-performing tokens, gaining 21% and 18%, respectively. Meanwhile, AI project Bittensor is up 15% to $508.
Spot Bitcoin ETFs attract $400M
Driving the short-term gains appears to be rising investor interest in spot Bitcoin ETFs. On Feb. 8, the sector saw $403M in net inflows, the highest since Jan. 17, when inflows topped $453M.
Demand for Bitcoin from the nine ETF providers reached 9,000 BTC yesterday – ten times the amount of Bitcoin that is issued on a daily basis as block rewards.
According to Bloomberg analyst James Seyffart, eight of the nine providers took in money yesterday. Fidelity’s FBTC has surpassed $3B in AUM, while Grayscale’s GBTC outflow streak continued with $101M.
