The encrypted cryptocurrency Bitcoin continued its upward trajectory, approaching the milestone of $50,000, which it reached in May 2021.
During Monday’s trading session, it surpassed $48,800 before slightly retracing to trade around $48,200.
Bitcoin is ready to achieve its seventh consecutive daily gain, marking the longest streak since January 2023.
The Bitcoin currency is still about $20,000 below the record level set by the popular currency in 2021, during a surge in the pandemic era supported by easy money.
This comes despite declining interest in bitcoin exchange-traded funds (ETFs), which have been long-awaited in the US market.
On Wednesday, these ETFs recorded the lowest level of daily flows since trading began on January 11.
According to a report by J.P. Morgan, around 270 million dollars were received on Wednesday from the incoming flows, with nine new boxes being received.
However, considering the outflows from the “Gray Scale Investment” fund, the net outflows for these funds together amounted to 153 million dollars on Wednesday, marking the third consecutive day of outflows for the ten funds.
J.P. Morgan described the flows for the fund group as “disappointing,” citing it as the reason for downgrading the recommendation for the cryptocurrency exchange stock “CoinBase,” according to their report issued on Thursday.
Since its launch, the nine new exchange-traded funds have received $5.2 billion in inflows, offsetting the $4.4 billion outflows from GrayScale after it was converted from an investment trust to a cryptocurrency exchange-traded fund.
While the net outflows from “Gray Scale” are slowing down, the total inflows into the other nine listed investment funds are decelerating at a faster pace.
The noise surrounding the trading of investment funds revived the cryptocurrency Bitcoin last year, surpassing $49,000 briefly on the day trading began.
This was followed by several days of selling at $10,000, as investors cashed in their profits and waited to see the success of the trading funds. The subsequent recovery led to the emergence of $50,000.