Bitcoin is holding steady above the $30,000 level, boosted by optimism surrounding the potential launch of a spot bitcoin ETF. Major financial institutions, including Fidelity and BlackRock, are reportedly planning to file for bitcoin ETFs. This news has contributed to the positive sentiment in the crypto market. In the past week, bitcoin has gained 4.9% and is currently trading at $30,334, while Ether has gained 2.6% and is trading at $1,861.
According to a report from CoinShares, last week saw the largest weekly inflows into digital asset funds since July 2022, with $199 million flowing in. Bitcoin accounted for the majority of these inflows, receiving $187 million. However, altcoins saw only minor inflows. The report attributes the renewed positive sentiment to high-profile ETP issuers filing for physically backed ETFs with the U.S. Securities & Exchange Commission.
Investors are closely watching the results of the Federal Reserve’s annual stress test of banks, which will be released this week. The test results could impact investors’ appetite for risk assets, including bitcoin. Additionally, the European Central Bank’s tightening measures and the Bank of England’s rate hike have raised concerns about the economy, potentially affecting the crypto market.
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