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Bitcoin Reaches Two-Week High Near $66,000 on Renewed ETF Inflows
Bitcoin rose to a two-week high on Tuesday, extending a recent rebound as renewed inflows into spot exchange-traded funds (ETFs) suggested a recovery in institutional demand. The digital asset's gains were notable, though persistent geopolitical tensions in the Middle East placed a ceiling on broader market optimism.
ETF Inflows Signal Renewed Demand
Bitcoin's price climbed 2.6% to reach $65,755.4 by 02:00 ET (06:00 GMT), according to Investing.com data. The move was supported by two consecutive weeks of net positive flows for U.S. spot Bitcoin ETFs, which attracted $75.7 million and $197.4 million respectively over the past two weeks, according to data from aggregator SoSoValue.
These inflows suggest that institutional investors may be engaging in bargain buying following recent price declines in the cryptocurrency market. The source also noted that heightened volatility in previously high-flying artificial intelligence stocks may have prompted some capital to rotate back into digital assets.
Geopolitical Tensions Cap Gains
While the ETF data provided a strong tailwind, broader market sentiment remains cautious due to the ongoing conflict between the U.S. and Iran. The source reported that the two nations exchanged strikes for a tenth straight day, with Tehran continuing its closure of the Strait of Hormuz.
AdHowever, some hopes for de-escalation emerged after reports of a new peace proposal from regional mediators. This sentiment was bolstered by a slight easing in oil prices from five-week highs, which helped cool some concerns over a potential surge in inflation that could impact risk assets like cryptocurrencies.
Broader Crypto Market Rebounds
Following Bitcoin's lead, the wider cryptocurrency market also saw gains. Major altcoins posted a strong rebound after sustaining deep losses in recent weeks.
- Ether (ETH): rose 4.6% to $1,934.71
- XRP (XRP): gained 4.6%
- Solana (SOL): added 3.9%
- Cardano (ADA): surged 9.2%
- BNB (BNB): increased by 2.1%
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