Bitcoin soars above record $72K: What ETF inflows look like
Bitcoin (BTC-USD) breaks higher above its record benchmark of $72,000. Investors continue injecting money into spot bitcoin ETFs, led by Grayscale's Bitcoin Trust (GBTC).
Yahoo Finance Senior Reporter Jared Blikre monitors the investment inflows of the top-performing bitcoin ETFs and the broad-based rally in the crypto space over the past week.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
RACHELLE AKUFFO: Well, Bitcoin's record rally showing no signs of slowing down. Now, topping $72,000 for the first time ever. "Yahoo Finance's" Jared Blikre is here with a breakdown. You know people who've been holding on for dear life, just rubbing their hands here, happy to see this.
JARED BLIKRE: I've had a lot of people call me saying, should I sell, because I am now break even? And I have not-- I have been bullish. And I remain bullish. We don't even have $100,000 in the sights yet.
We'll get to some technical analysis in a minute. But I want to show what's happening with the spot Bitcoin ETFs. Many of which were launched only earlier this year, except for the Grayscale one, which converted to an ETF from an ETN. It is by and far the largest. It has $27.4 billion in assets.
Number two, though, and three, closely on its heels. We have IBIT that is the iShares offering there. That's $13.6 billion in size. And then $8.6 billion for the Fidelity offering. In a distant fourth place, we have Ark. That's $2.6 billion. And then a number of other contenders, which when you add them up are not that much bigger than Ark.
Another interesting phenomenon going on. If you survey the entire universe of US ETFs and you look at the inflows that they've gotten year-to-date, we now have two candidates here, two Bitcoin ETFs among the top five. And that is huge.
So you take a look at VOO, IVV. Those are the Vanguard and iShares S&P 500 offerings. You take a look at VTI. That's total market US. Anyway, these are very passive investment vehicles here. So for IBIT, which is iShares, to pull in $10 billion is just a phenomenal leap here. And Eric Balchunas over at Bloomberg along with James Seyffart have been calling this the greatest launch of a new asset class ETF in forever.
So here, we have Tesla. I'm actually, looking for Bitcoin. And here, we should have our heat map. And there we go Bitcoin up 4%. We have now eclipsed those record highs. And so we're in uncharted territory. We had a huge reaction off of $68,000. That was the former test and then break of the record high.
But now, it's off to the races. And one of the things I find interesting is the rise of these other coins, the alt coins, which have really lagged. There's Binance. This is over the last seven days. Binance up 31%, Algo, 25%, Litecoin, haven't seen that in forever, topping our leaderboard. That is up 19%. And those are all outshining the big guys, Bitcoin and Ethereum.
And so that's really what it takes for a healthy rally. You need breadth.
