Bitcoin tops $73 000 to hit new record on insatiable ETF demand

Bitcoin hit a fresh record high for the fourth time in six days, bolstered by record-breaking inflows into US exchange-traded funds tied to the cryptocurrency. The world’s largest cryptocurrency reached an all-time high of $73 664 on Wednesday, before paring its rise slightly to trade at around $73 180 as of 7:50 a.m. in New York.

Bitcoin’s weekly issuance of roughly 6 300 tokens is “utterly dwarfed” when contrasted against the ETFs’ token demand from past weeks, Villegas said, the latter of which is about 40 000 tokens. Other cryptocurrencies have been similarly lifted by renewed interest in the asset class. Ether traded as much as 3.3% higher on Wednesday, hitting a one-day peak just shy of the $4 092 record high it set a day earlier.

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