Bitcoin’s strength has improved crypto sentiment, pulling altcoins like IMX, KAS, TIA and STX higher.
Risky assets have been on a roll for several days. The S&P 500 Index has notched five successive weeks of gains, and Bitcoin (BTC) also rose more than 13% this week, indicating aggressive buying by the bulls.
BitMEX Research data shows $2.7 billion in inflows into the nine Bitcoin exchange-traded funds (ETFs) on Feb. 9, while outflows from Grayscale Bitcoin Trust (GBTC) reduced to $51.8 million. The total assets under management of the ETFs have soared to $10 billion.
Bitcoin’s sharp rise has boosted positive sentiment, but Material Indicators’ CEO and co-founder Keith Alan cautioned in a X (formerly Twitter) post that Bitcoin is likely to face stiff resistance between the current level and $50,000.
