Bitcoin Skyrockets Following Record Weekly Inflows of $2.7 Billion in Crypto ETPs; Thailand SEC Welcomes Spot Bitcoin ETFs

Bitcoin (BTC) reached another new all-time high after surpassing the $72,000 level, following an impressive week of inflows into the crypto

Sophia Cruz•Tuesday, March 12, 2024•1 min read

Earlier today, Bitcoin (BTC) reached another new all-time high after surpassing the $72,000 level, following an impressive week of inflows into the crypto exchange-traded products (ETPs).

Bitcoin Skyrockets Following Record Weekly Inflows of $2.7 Billion

According to James Butterfill, a crypto analyst from CoinShares, the crypto-generated products have gained a massive $2.7 billion worth of inflows as of March 8. Since January, crypto ETPs have already generated $10.3 billion in inflows, which is nearly the total crypto ETPs generated throughout the whole of 2021.

The significant increase in crypto ETPs has been driven mainly by the increasing investment in spot Bitcoin ETFs in the US which to date, has over $110 billion in total volume traded since its approval in January.

Crypto analyst Tony Sycamore predicted that the current trend on Bitcoin’s (BTC) price could still push toward $80,000 in the coming months considering that Bitcoin is “well supported” on any potential declines.

Meanwhile, Thailand’s Securities and Exchange Commission (SEC) has finally approved asset management firms to delve into spot Bitcoin ETFs. However, the spot Bitcoin ETFs are limited to institutional investors and ultra-high-net-worth individuals.

SEC’s Secretary-General Pornanong Budsaratragoon stated this policy change in response to the US SEC’s approval of spot Bitcoin ETFS. By doing this, Thai companies will have the opportunity to invest in this emerging asset class. Nevertheless, this decision shows a significant change in Thailand’s stance on cryptocurrency investment.

Furthermore, Bitcoin’s (BTC) massive price surge has triggered more interest in cryptocurrency. Consequently, the SEC’s approval comes at the right time, opening new opportunities for Thai investors.

At the press time, Bitcoin is currently trading at $71,960, 0.40% higher in the last 24 hours. As the bullish trend continues, BTC’s total market cap has also increased by 0.42% to $1.41 trillion.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.