Bitcoin rose above $67,000 for the first time in about a month, and ETH rose 5%.
Cryptocurrency markets soared on Friday morning due to positive ETF inflows.
Bitcoin (BTC) is trading at $67,000, up 3.5% in the past 24 hours. Ether (ETH) surged 5% to $3,100, while Solana (SOL) rose nearly 2%, according to CoinGecko data.
“The momentum probably continues from here and the trend has switched,” said Michael Van de Poppe, CEO of MN Trading. As a result, altcoins are seeing “confidence returning and are rallying significantly,” he added.
ETF flows for the week of May 13th increased six times to 726.8 BTC from 116.5 BTC the previous week.
The Fidelity Bitcoin ETF (FBTC) recorded the biggest inflows, increasing by 133.8 BTC over the week, according to data from Farside. ARK Invest's Bitcoin ETF (ARKB) also saw large inflows, with 133.1 BTC flowing in in one day on May 14th.
On May 15th, there was a significant inflow of 303.0 BTC led by FBTC and Bitwise Bitcoin ETF (BITB).
Since launch, the 11 Bitcoin ETFs have totaled $12.4 billion in assets. According to Santiment, trading volume across seven major Bitcoin ETFs reached $5.65 billion this week, the highest level since March 24.
Meanwhile, multinational investment bank Morgan Stanley acquired $270 million worth of GBTC stock in Grayscale, establishing itself as one of its largest institutional investors, in a May 15 SEC filing. revealed that he had done so.
According to CoinGlass, 44,484 traders were liquidated in the past 24 hours, bringing the total liquidation amount to $113.75 million. The single largest liquidation order occurred on his BitMEX for Bitcoin, with an amount of $4.8 million.
