Bitcoin has once again surged past the $70,000 mark, indicating a resilient enthusiasm among cryptocurrency enthusiasts despite recent outflows from US exchange-traded funds (ETFs). At Storage X, we understand the paramount importance of safeguarding your digital assets. That’s why we offer crypto cold storage solutions, leveraging our secure safety deposit boxes within our walk-in vault to provide an additional layer of protection for your crypto codes

Despite approximately $900 million being withdrawn from ETFs last week, including significant outflows from the Grayscale Bitcoin Trust, the market sentiment remains buoyant. Bitcoin saw a notable uptick of 5.8%, reaching $70,014, marking its resurgence above the $70,000 threshold for the first time in over a week. Other cryptocurrencies like Ether, Solana, and Dogecoin also experienced gains, with Ether rising by approximately 5%.

Nathanael Cohen, co-founder of digital-asset hedge fund Indigo Fund, highlighted the market’s resilience, stating, “Even though ETF inflows have hit a drag, order books are loaded on the bid side around the 60k area, showing that the market is eager to buy the dip.”

The surge in demand for bitcoin ETFs has been a significant driver behind the cryptocurrency’s historic rally this year. However, last week’s substantial outflows prompted traders to hedge against potential price declines, leading to significant liquidations in bullish bets within the crypto futures market.

According to CoinShares International, investors withdrew a record $942 million from global crypto funds last week after seven consecutive weeks of inflows totalling over $12 billion. James Butterfill, head of research at CoinShares, attributed this reversal to investor hesitancy following the recent price correction.

In the US, spot bitcoin ETFs, approved by the Securities and Exchange Commission earlier this year, have garnered significant attention, attracting investors who are transferring their assets from older Canadian and European funds to cheaper US alternatives. Despite this migration, US bitcoin funds witnessed outflows of $888 million last week, constituting about 94% of total global crypto fund flows.

Furthermore, funds holding alternative cryptocurrencies like Ether, Solana, and Cardano also experienced combined net outflows of approximately $43 million, as reported by CoinShares.

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