Bitcoin Cash (CRYPTO: BCH) is trading higher by 4.3% to $362.43 Friday afternoon. Shares of several altcoins are gaining Friday in sympathy with Bitcoin as the apex crypto gains roughly 2% for the session. Thursday saw net inflows of almost $79 million into Bitcoin spot ETFs, driving the broader crypto market rally and marking the fifth day of continuous positive momentum.
The report mentions net inflows of almost $79 million into Bitcoin spot ETFs on Thursday. ETFs provide a way for institutional and retail investors to gain exposure to Bitcoin without directly buying the cryptocurrency.
Significant inflows into Bitcoin spot ETFs indicate heightened investor interest and confidence in Bitcoin. This influx of capital can boost Bitcoin's price and, by extension, positively impact related altcoins like Bitcoin Cash.
Cryptocurrency markets are also highly sentiment-driven. Positive news and consistent inflows into major cryptocurrencies can create a ripple effect, boosting investor confidence across the board. As Bitcoin rallies, optimistic sentiment spreads, leading investors to seek opportunities in altcoins, expecting similar upward movements.
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What's Going On With Crypto Friday?
Overall, $1.31 billion worth of value was traded in U.S. spot bitcoin funds on July 11. Despite the recent inflows, trading volumes remain significantly lower than in March, when they exceeded $8 billion on several days.
U.S. issuers are still awaiting approval from the Securities and Exchange Commission for their latest amended registration statements for spot Ethereum ETFs....Read More