The worth of bitcoin surpassed the $50,000 worth on Monday for the principle time since December 2021 as device bitcoin ETFs continued to grab in huge amounts of cash. As a crew, the ETFs recently passed $10 billion in resources under management, besides for Grayscale’s GBTC, which changed into as soon as converted from an existing belief. Including GBTC, the crew has skilled $2.8 billion in obtain inflows since going live to reveal the tale Jan. 11.

Bitcoin first swept past the $50K worth at about 12:20 p.m. EST on Monday, fixed with CoinGecko, however its designate recently settled correct sort below that worth at $49,973, rising 3.6% over the final 24 hours and 17.1% over the final seven days. Its market cap stands at $981 billion.

Crypto replace Bitfinex attributed bitcoin’s most favorite features to the broaden in entire crypto asset inflows and a slowdown in the selling of Grayscale’s GBTC fund. Final week’s everyday outflows from GBTC averaged under $100 million, when put next to a high of over $600 million in uninteresting January, fixed with Bitfinex’s file.

“The diminishing selling stress from GBTC is a key factor underpinning the strong performance of BTC costs this week,” Bitfinex wrote.