Summary
Bitcoin’s price is up 12% in the last seven days, boosted by inflows into bitcoin ETFs. The ETFs saw net flows of $477 million on Thursday, and inflows for the spot bitcoin ETFs reached $1.2 billion. However, high futures open interest could lead to higher volatility in the market. The overall market cap for crypto grew by nearly 15% to over $2 trillion. Bitcoin is 20% off its previous all-time high, while ether is lagging behind. Coinbase reported positive net income during the quarter, and its stock is up 184% over the past year. Robinhood also reported strong earnings, with crypto revenue of $43 million.
Key Points
1. Bitcoin’s price has increased by 12% in the last seven days and is looking to close the week at nearly $52,000.
2. Bitcoin ETFs have seen significant net flows, with $477 million on Thursday and a total of $1.2 billion in assets received at the end of last week.
3. The overall crypto market cap grew by nearly 15% to over $2 trillion this week, and the upcoming Bitcoin halving in mid-April is seen as a significant event showcasing Bitcoin’s digital scarcity.