Bitcoin shattered the $70K-level in style, days after bettering its previous all-time high (ATH). In fact, at the time of writing, it had climbed to a new ATH, with BTC trading at $70,973. Bitcoin hit its latest ATH on the back of a 2% hike over 24 hours and an appreciation of 12% over a 7-day period. The sought-after digital asset has risen 65% since the beginning of 2024 and looked primed to make further gains to the north. The historic climb spurred a 3.
87% increase in Open Interest (OI) in Bitcoin futures, causing it to rise above $34 billion at press time. Bitcoin’s ascent comes on the back of soaring demand from the recently launched spot ETFs in the U.S. With this, the cumulative net inflows since the listing day rose to a whopping $9.59 billion, according to data sourced by AMBCrypto. From As of this writing, Bitcoins worth $55.5 billion were backing these spot ETFs, accounting for more than 4% of Bitcoin’s total supply. On the other hand, the network on average was producing Bitcoins at the rate of just $45 million per day, AMBCrypto noticed using Santiment’s data
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