Stability of Bitcoin prices coinciding with increased inflows into Bitcoin exchange-traded funds (ETFs)
Bitcoin, Ethereum, and Ripple prices have largely stabilized over the past few hours, coinciding with strong inflows exceeding $590 million into Bitcoin exchange-traded funds (ETFs) on Monday, extending a six-day winning streak.
The BlackRock IBIT fund led the inflows at $970 million, while ARKB from Ark Invest saw an outflow of $200 million.
Bitcoin continues to trade above the $95,000 level, amid expectations that it could surpass the $100,000 barrier if the momentum continues.
As for the other major cryptocurrencies, XRP, ETH, ADA, and BNB have maintained their stability, while the price of SOL fell by 2%.
XMR recorded an 8.5% decrease after unexpected gains of 40% the day before, following a hacker exchanging over $330 million worth of Bitcoin for the privacy-focused Monero, according to investigator 'ZachXBT'.
On the other hand, NEXO rose by 8% after the company announced the resumption of its operations in the United States after a two-year halt, with a new focus on artificial intelligence applications.
Traders are anticipating upcoming U.S. economic data this week, such as GDP and unemployment, to determine their investment directions.