Crypto Daily | Strategy Jumps 9%, Makes First Bitcoin Purchase Since August; Bitcoin Tops $84,800 on Positive ETF Flows
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Bitcoin Jumps to Over $84,800 After ETF Flows Turn Positive
A powerful rally across Wall Street spilled into crypto on Monday, sending Bitcoin above $87,000 and smaller tokens sharply higher as investors rushed back into riskier assets.
The original cryptocurrency surged as much as 7.7% to $87,354 in New York, extending a rebound of more than $10,000 from last week’s lows as crypto markets pushed past the failure of landmark US legislation and the Federal Reserve’s interest-rate increase. The original cryptocurrency is back at late-January levels but remains roughly a third below its record last October.
Strategy Makes First Purchase of Bitcoin Since August
Michael Saylor’s Strategy purchased Bitcoin for the first time in three weeks, acquiring $75.7 million of the original cryptocurrency after seeking to rebuild investor confidence by reshaping its balance sheet and building out reserves. Strategy jumped 9% on Monday.
The original Bitcoin treasury company — co-founded and run by Saylor — also repurchased $174 million of its STRC perpetual preferred shares, part of its effort to lift the price above par so that the securities can be used again to finance future Bitcoin purchases. Cash was used to fund both transactions, Strategy said in a filing on Monday. The preferred trade just below $99.
Bitcoin & Ethereum Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Monday was $998.95 million. The total net asset value of Bitcoin spot ETFs is $110.14 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.30%.
The Bitcoin spot ETF with the highest net inflow on September 21 was iShares Bitcoin Trust (IBIT), with a net inflow of $381.37 million, according to SoSoValue.
Source: SoSoValue
The overall net inflow of the US Ethereum spot ETF on Monday was $269.98 million. The total net asset value of Ethereum spot ETFs is $17.82 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 5.24%.
The Ethereum spot ETF with the highest net inflow on September 21 was iShares Ethereum Trust ETF (ETHA), with a net inflow of $110.06 million, according to SoSoValue.
Source: SoSoValue
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