Crypto Markets Surge on Positive ETF Inflows

Bitcoin rallied above $67,000 for the first time in nearly a month, while ETH surged 5%.

By: Mehab Qureshi Loading...

upward-trending arrows and rising bar graphs

Crypto markets soared on Friday morning, driven by positive ETF inflows.

Bitcoin (BTC) is trading at $67,000, up 3.5% in the last 24 hours. Ether (ETH) surged 5% to $3,100, while Solana (SOL) rose by nearly 2%, according to CoinGecko data.

ETH Price chart
ETH Price

Michael Van de Poppe, CEO of MN Trading, said, "It's likely that the momentum continues from here, and the trend has switched." He added that, as a result, altcoins are "running up substantially as confidence comes back in."

ETF flows for the week of May 13 increased sixfold to 726.8 BTC from 116.5 BTC the previous week.

Data from Farside shows that Fidelity's Bitcoin ETF (FBTC) saw the largest inflow, increasing by 133.8 BTC during the week. ARK Invest's Bitcoin ETF (ARKB) also had substantial inflows, with 133.1 BTC entering in a single day on May 14.

May 15 saw a significant inflow of 303.0 BTC, led by FBTC and Bitwise Bitcoin ETF (BITB).

Since its launch, the 11 Bitcoin ETFs have accumulated $12.4 billion in assets. According to Santiment, seven major Bitcoin ETFs generated trading volumes of $5.65 billion this week, the highest since March 24.

Meanwhile, in an SEC filing on May 15, multinational investment bank Morgan Stanley revealed that it had acquired $270 million worth of Grayscale's GBTC, establishing itself as one of the largest institutional holders.

According to CoinGlass, in the past 24 hours, 44,484 traders were liquidated, with total liquidations amounting to $113.75 million. The largest single liquidation order occurred on BitMEX for Bitcoin, valued at $4.80 million.