The price of Bitcoin (BTC) is near $45,000 U.S., its highest level in a month, as money continues to flow into new American-based exchange-traded funds (ETFs).
The largest cryptocurrency by market capitalization has risen nearly 2% in the last 24 hours to trade at $44,750 U.S., its highest level since regulators in America approved new spot Bitcoin ETFs on Jan. 10 of this year.
At the time of the ETFs approvals, Bitcoin’s price was at $49,000 U.S., but it quickly fell to $39,000 U.S. as the launch of the new investment vehicles became a “sell the news” event.
Bitcoin’s price was also pulled lower by outflows from the Grayscale Bitcoin Trust (GBTC) as investors moved capital to new spot ETFs that are being offered by investment firms such as Fidelity and BlackRock (BLK).
The spot Bitcoin ETFs, of which there are a dozen in the U.S., have seen net inflows for nine consecutive days with more than $20 billion U.S. of invested capital being allocated to them.
Analysts say that Bitcoin’s price now appears to have stabilized and is again marching higher. There is also growing risk appetite among retail investors as stock markets in the U.S. hit record levels.
The price of Bitcoin has increased 95% in the last 12 months.
