Bitcoin BTC/USD is up 2% to $66,300 in Friday’s trading session, marking a gain of 14% over the last two weeks as Bitcoin spot ETFs reported the sixth consecutive day of positive fund flows on Thursday.
What Happened: Leading the charge of the $365.57 million net inflow, Ark Invest and 21Shares‘ ETF ARKB took in $114 million, while BlackRock‘s ETF IBIT attracted $93.3755 million, according to data from SoSo Value.
Ethereum ETH/USD is trading up 1.3%, at $2,691. It is up 13% in the last 14 days.
Conversely, Ethereum spot ETFs experienced a minor setback with a total net outflow of $675,500 on the same day. Grayscale‘s ETF ETHE recorded the largest outflow at $36,021,700.
However, this was partially offset by inflows into Fidelity‘s ETF FETH and BlackRock‘s ETF ETHA, which saw inflows of $15,918,800 and $14,854,100 respectively, data shows.
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Why It Matters: Speaking with Benzinga, Avinash Shekhar, co-founder and CEO of Pi42, expressed optimism about the crypto market’s recent performance.
“Bitcoin is poised for a significant move as it approaches the $70,000 threshold,” Shekhar noted, adding that breaking this level could attract new investors.
The broader cryptocurrency market also showed positive momentum.
Other notable gains include Polygon POL/USD (up 4%), Pepe PEPE/USD (up 7.8%) and Shiba Inu SHIB/USD (up 25). Dogecoin DOGE/USD is up 11%.
Adding to the positive sentiment,the Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s preferred inflation measure, came in below expectations for August.
The index rose 2.2% year-over-year, down from July’s 2.5% and below the anticipated 2.3%.
In a note sent to Benzinga, Matt Mena, Crypto Research Strategist at 21Shares said the lower-than-expected PCE numbers have strengthened the dovish sentiment sparked by last week’s rate cut.
He noted that Bitcoin had already anticipated this positive news, closing above $65,000 the previous night—a level not seen since late July.
As the crypto market continues to show signs of recovery, all eyes will be on Benzinga’s Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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