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Bitcoin Inflows Surpass Tech Stocks: Report

·1 min read

What happened: With over $13.27 billion in total inflows to exchanges, Bitcoin (BTC) recorded some of its largest-ever weekly inflows over the past few days.

This number surpassed the $4.2 billion of weekly inflows into U.S. tech stocks, recently observed by Bank of America’s Michael Hartnett, as reported by a publication ZeroHedge.

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Why it matters: The market-leading cryptocurrency attracted newfound interest from retail investors, as well as institutions following Tesla’s $1.5 billion Bitcoin purchase.

After the announcement, Bitcoin’s price spiked sharply, recording its largest candle in history. Consequently, Bitcoin’s market cap surpassed Tesla’s, making Bitcoin the 9th largest asset globally with over $889.4 billion in market cap.

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