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Bitcoin Price Surges to New All-Time Highs Above $72,000
The price of Bitcoin (BTC) has reached new all-time highs above $72,000, driven by a surge in inflows into crypto exchange-traded products (ETPs).
Crypto investment products have seen record-breaking inflows of $2.7 billion as of March 8, according to CoinShares analyst James Butterfill.
Year-to-date, crypto ETPs have generated $10.3 billion in inflows, nearly matching the total for all of 2021.
Bitcoin led the way with $2.6 billion in inflows year-to-date, representing 14% of total crypto-related assets under management globally.
On March 11, Bitcoin hit a new all-time high of $72,900 before settling around $72,000, up 6.9% in the last week and 29% in the last month.
Growing investment in recently approved spot Bitcoin exchange-traded funds (ETFs) in the U.S. has driven significant inflows into crypto ETPs.
Five U.S. spot Bitcoin ETFs now hold over $2 billion in assets under management, with Bitwise’s BITB fund being the latest addition.
Analysts predict Bitcoin could push toward $80,000 in the coming months, with strong support expected on any potential dips.
Regulatory developments, such as the London Stock Exchange accepting Bitcoin and Ether exchange-traded notes, signal broader acceptance and institutionalization of cryptocurrencies.
Increased regulatory acceptance, upcoming halving event, and growing Bitcoin ETF inflows are seen as ushering in a new era of growth and mainstream adoption for cryptocurrencies.
