Bitcoin Surges Past $84,000 Amid ETF Inflows of $30 Million

On Tuesday, Bitcoin saw a modest rise of 1%, climbing to over $84,200 after a brief dip to around $82,500. This price movement occurred against a backdrop of stable 10-year Treasury yields near 5.25%, which recently reached a 16-year high, as noted by CoinDesk.

Ether made notable gains, increasing by 2% to nearly $2,720. Other cryptocurrencies also saw upward trends, with DOGE rising by 3% and XRP by 2%. Meanwhile, BNB, SOL, and TRX had minor gains of less than 1%. In contrast, ZEC experienced a significant drop of 9%, falling to approximately $1,423.

Recent data from SoSoValue indicated that U.S. spot Bitcoin ETFs drew in about $31 million on Monday, while ether funds brought in around $17 million. Additionally, SOL and XRP funds collectively attracted another $17 million, although the ZEC fund faced a setback with an $8 million outflow.

Alex Kuptsikevich, chief market analyst at FxPro, commented that cryptocurrencies are showing signs of recovery from last week’s lows. Currently, the total cryptocurrency market cap stands at $2.87 trillion, still below a key resistance level of $2.90 trillion. He mentioned that factors such as a strong U.S. dollar and volatility in the equity markets contribute to the overall market caution. Kuptsikevich also suggested that if Bitcoin continues to build on this support level, it could potentially reach new highs above $87,000 in the coming months.