Cryptocurrency markets are surging on strong Spot Bitcoin ETF weekly inflows and a bombshell development that spot Ethereum ETFs may have a good chance of being approved after all on Thursday.
What Happened: Major cryptocurrencies are trading higher at the time of writing.
Prices as of 4 p.m. Eastern Time:
Bitcoin Smashes $70K (AED)
Bloomberg senior ETF analysts Eric Balchunas and James Seyffart sent markets into a frenzy after updating their ETF approval odds from 25% to 75%. Balchunas attributes the pivot to “chatter” that the Securities and Exchange Commission “could be doing a 180,” for potentially political reasons.
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Coinglass data indicates Bitcoin open interest at $36.6 billion, an increase of 5.4% in a single day, the highest level in more than a month.
IntoTheBlock data notes a 1.8% increase in large transaction volume and a 2.7% increase in daily active addresses. A 104.8% surge was seen in exchange net flows.
A solid spot bid for Bitcoin is coming from Coinbase today, indicating the possibility of another day of inflows from the Spot Bitcoin ETFs.
Bitcoin exchange reserves dropped to an all-time low of 1.7 million indicating an incoming supply shock. Bitcoin Smashes $70K aed
