Bitcoin Surges Past $124K Amid Record ETF Inflows
- Bitcoin (BTC) rose from $122,000 to $124,289 during the Asian session on Sunday.
- The cryptocurrency is nearing its record high of $124,429 set in August.
- U.S.-listed spot ETFs saw a net inflow of $3.24 billion last week, the second-largest weekly inflow on record.
- Other cryptocurrencies like ETH, XRP, SOL, and DOGE gained between 1% to 3% during the same period.
- The rally coincides with ongoing U.S. government shutdowns, increasing safe-haven demand for Bitcoin.
The significant inflows into Bitcoin ETFs and heightened demand due to political uncertainty are key factors driving this surge in Bitcoin’s price. Analysts highlight that macroeconomic conditions also favor Bitcoin as a safe-haven asset amid rising inflation concerns.
At present, Bitcoin is trading around $124,080 after a substantial rally fueled by a record influx of ETF investments and increased market support.(Source)
