Bitcoin’s (BTC) price rallied last week as inflows to exchange traded funds (ETFs) that track the cryptocurrency reached record levels, pushing the price up by more than 13%.
- The price of Bitcoin climbed to nearly $48,300 last week as net inflows into BTC spot ETFs hit $1.2 billion, the highest since their launch.
- Reduced outflows from Grayscale Bitcoin Trust (GBTC) and 11 consecutive days of net inflows into BTC spot ETFs fueled Bitcoin’s price increase
- Blackrock’s iBit ETF leads with over $4 billion in assets under management, followed by Fidelity’s FBTC ETF with $3.5 billion.
Surging ETF Demand Sparks Bitcoin Rally
Bitcoin’s price climbed last week amid surging demand for spot ETFs that track the cryptocurrency. Net inflows into BTC spot ETFs totaled $1.2 billion, the highest since these exchange traded funds were launched, according to CoinShares data. Outflows from GBTC also slowed sharply, dropping from a daily average of $500 million to around $83 million.
Expansion Plans After Successful Virtual Card Launch
COCA successfully launched virtual debit cards in Europe after their Early Access Program and now plans to expand to APAC, the U.S. and LATAM, excluding the UK. The card connects traditional banking to cryptocurrency, allowing users to make crypto payments at over 40 million merchants across more than 200 countries.
Wine Metaverse Launch Announced
Crurated announced the launch of a wine metaverse for collectors. Owners will be able to showcase and share knowledge about their wine collections in the virtual cellar experience coming this spring. The metaverse is built on Unreal Engine 5 and Apple users can access it with Vision Pro by the end of 2024. Each wine bottle in the Crurated community is certified with an NFT.