Bitcoin Sets Eye on $70K, XRP on the Rise

US-listed exchange-traded funds, which closely track Bitcoin’s spot price, are once again in demand.

According to data tracked by Farside Investors and Coinglass, 11 funds recorded cumulative net inflows of $422.5 million yesterday, the highest single-day value since June 5, extending a seven-day winning streak. BlackRock’s IBIT accounted for a huge chunk of cumulative inflows, with over $260 million in inflows. FBTC attracted $61.1 million, while GBTC, DEFI, and other funds other than BTCW each withdrew less than $30 million.

These funds have collectively recorded over $1 billion in inflows in the past three days alone, once again demonstrating investors’ confidence in bitcoin’s price prospects.

XRP has risen 12 percent in the past 24 hours, leading the gains among crypto giants, outperforming bitcoin (BTC) and the CoinDesk 20 (CD20) index.

The token has gained 5% since the morning hours, taking its seven-day gains to nearly 40%. It was also the best-performing major despite positive regulatory developments for ether (ETH) and demand for meme coins. “XRP has been outperforming the market for a long time, but there is a reversal in sentiment in crypto,” said Alex Kuptsikevich, senior market analyst at FxPro. “With the recent jump, prices have risen to 60 cents, the highest level since April. This means it is trying to get back into the uptrend of the last two years.”

However, XRP may need a rest after the climb, Kuptsikevich added, adding that the high is appropriate as we saw prolonged consolidations in November-December and March.

Bitcoin investors are eyeing a rally to $70,000 in the short term, with BTC briefly breaking above $66,000.

“The recovery in Bitcoin price suggests that the market is more optimistic about the near-term macro environment,” Lucy Hu, senior analyst at Metalpha, told CoinDesk in a message. “The market was encouraged by Donald Trump’s vice presidential pick, which points to a more crypto-friendly administration and policies.”

Bitcoin may also be benefiting from the bullish narrative as traders expect less selling pressure in the long term as Mt. Gox begins repaying creditors.

The chart shows the daily movements of the ratio between the dollar-denominated prices of ether and bitcoin since October 2023. The ratio is witnessing a volatility squeeze represented by a triangle consolidation ahead of the expected spot ether ETF launch in the US next week. A potential breakout could mean outperformance from ether in the near term. Source: TradingView