Crypto Traders Dismiss Waning ETF Inflows as Bitcoin Holds Steady Over $70K

The London Stock Exchange approved a marketplace for trading BTC and ETH exchange-traded notes in May, which led to strong upside momentum for BTC, traders said.

Singapore-based QCP Capital said in a Telegram broadcast there was “strong upside momentum” for bitcoin after the development, with asset managers also continuing to add BTC allocations as a “portfolio diversifier.” Bitcoin jumped nearly 5% in the past 24 hours, leading the rally among crypto majors, data show. Ether, Solana’s SOL, and Cardano’s ADA rose over 4.5%. Near Protocol’s NEAR and Internet Computer’s ICP jumped over 10% to post the most gains among alternative tokens.

Some market analysts said the waning inflows were not a sign of concern, however, as long-term investors could have partially profited from their positions.

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