Summary
TLDR: Bitcoin’s price is soaring due to a significant amount of cash flowing into investment products that give people exposure to the asset. Last week saw a record $2.7 billion hit crypto funds, with the majority focused on BTC. Spot Bitcoin ETFs have been particularly successful, attracting massive inflows. Investors are also focusing on altcoins like Solana. BTC’s price has surged to new highs, now trading at $72,362.
Key Points
1. Bitcoin’s price is soaring to new highs due to increased cash flowing into investment products that give exposure to the asset.
2. Last week, a record $2.7 billion hit crypto funds, with the majority focused on BTC and flowing into new spot Bitcoin exchange-traded funds.
3. Investors are also focusing on altcoins like Solana, which has seen a price increase of nearly 14% in seven days, with funds receiving $24 million.