During the current rally in the market, crypto exchange-traded products have particularly seen record inflows, which were last seen during the market’s record highs in 2021.
Crypto exchange-traded products have attracted huge inflows during the last few days, becoming drivers for the market rally. These products have become the highlights for analysts during the rally. A market analysis report from a leading firm confirmed the same. The report stated how the assets under management of these products mirrored similar trends of 2021 when the crypto market had peaked.
The report said, “Digital asset investment products saw record weekly inflows, totaling US$2.45 billion, with inflows for year to date now at an impressive US$5.2 billion.” Moreover, it reported the total assets under management stood at $67 billion, the highest since December 2021.
As a result, the global crypto market cap has moved closer to the $2 trillion mark. In the last 24 hours, Bitcoin has traded close to $52,000, but its volatility has been low. Bears are active and have resisted bullish activity at $52,000, but sentiments are very strong. Meanwhile, BTC may have to attempt to move up above its current level to start a rally to $60,000.
At the same time, Ethereum’s support is robust at $2,700. It is going closer to $2,900, with a market cap of $339 billion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $51,900 on February 20, 2024, with BTC/USD trading lower by a margin of 0.9% in the last 24 hours. Bitcoin’s market cap was trading at around $1.02 trillion.
BTC/USD is trading higher than its 20-day EMA (45,926.45), as BTC’s 24-hour volume was at around $21 billion. The global crypto market cap increased by around 0.67%, trading above $1.97 trillion. BTC’s year-to-date returns are at 23.79%.
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