Bitcoin Price Nears $44K as ETFs See Net Inflows for First Time in a Week
Bitcoin ETFs experienced their first net inflows in a week on Monday, leading to a rise in bitcoin's price to its highest level since the funds began trading. Despite net outflows at the Grayscale Bitcoin Trust (GBTC), ETF issuers added over 4,200 bitcoin worth approximately $183 million to their holdings. This is a significant change from the previous week when about 20,000 bitcoin left the funds. Bitcoin's price, which had fallen below $39,000 last week, rose to as high as $43,900 on Monday. Outflows at GBTC have been slowing since the launch of the ETFs, with the amount of money exiting decreasing from an average of $470 million in the first six days to $192 million on Monday. Since their approval on January 10, the new ETFs have seen total net inflows exceeding $1 billion.
