Bitcoin, which hit peaks yesterday, shows little change

CoinDesk 20 Index: 2,149.28 +0.13%Bitcoin (BTC): $72,068.34 +0.86%Ether (ETH): $2,661.30 +1.16%S&P 500: 5,832.92 +0.16%Gold: $2,781.56 +0.46%Nikkei 225: 39,277.39 +0.96%

Bitcoin (BTC), which is nearing a record high, is currently trading in a very tight range.

The cryptocurrency, which climbed to just under $73,000 around 23:00 UTC on Tuesday, is priced between $71,150 and $72,500. While the digital asset market remains quite stagnant, gaining just under 0.9% in the last 24 hours, ETH is increasing by approximately 1.15% and SOL is decreasing by approximately 2.5%.

Spot bitcoin exchange-traded funds (ETFs) listed in the US recorded net inflows of over $870 million yesterday.

The inflow was the third highest the products have recorded since their launch in January. According to SoSoValue data, BlackRock’s IBIT received inflows of over $629 million. IBIT is followed by Fidelity’s FBTC with 133 million dollars, Bitwise’s BITB with 52 million dollars, Grayscale’s mini bitcoin trust with 29 million dollars, VanEck’s HODL with 16 million dollars and 12 million dollars. Ark’s ARKB followed.

Grayscale’s Bitcoin Trust (GBTC) was the only ETF to record a net outflow of $17 million. The total transaction volume exceeded $4.75 billion, the highest level since March, and $3.3 billion of this volume was covered by IBIT alone.

According to Arkham Intelligence, the government of Bhutan, which holds over $900 million worth of BTC, moved some of its assets to exchanges yesterday, sparking speculation that it is on the verge of selling some of its holdings, in a move that could negatively impact market prices.

With the leading cryptocurrency approaching peak levels above $73,500, Bhutan moved $65 million worth of bitcoins to crypto exchange Binance. According to CoinDesk Indices, BTC fell to around $72,400 this morning. The small and picturesque Southeast Asian country emerged as a BTC whale after Arkham spotted Bhutanese wallets earlier this year. This means that the country is the second country after El Salvador to officially hold BTC.