News
Bitcoin Rises Again Above $67,000
Main conclusions
- Bitcoin is trading above $67,000 on Friday, rising as the Bitcoin 2024 conference continues in Nashville.
- Spot ether ETFs saw $152.4 million in net outflows yesterday, while spot bitcoin ETFs saw $31.1 million in net inflows.
- Jersey City Mayor Steven Fulop revealed that the city’s pension fund will invest in bitcoin ETFs, while the Michigan State Retirement System reported holding $6.6 million in the 21Shares ARK Bitcoin ETF.
- Coinbase shares rose after the company appointed three new board members.
Bitcoin, which traded near $65,000 yesterday, recently climbed back above $67,000 as the Bitcoin 2024 conference continues in Nashville.
Thursday was relatively quiet for spot bitcoin exchange-traded funds (ETFs), with $31.1 million in inflows, according to Farside Investors. Jersey City Mayor Steven Fulop announced on X that the city’s pension fund will soon invest in bitcoin ETFs, pointing to a potential 2% allocation. The State of Michigan Retirement System reported holding $6.6 million of the ARK 21Shares Bitcoin ETF (ARKB) in a document filed with the SEC on Friday morning.
In the spot ether ETF market on Thursday, another $346.2 million flowed out of the Grayscale Ethereum Trust (IT IS), according to Farside Investors. That brought the ETF’s three-day total outflows to $1.15 billion, with $7.4 billion in assets still under management.
Total net outflows for the ether ETF spot market as a whole now stand at $179.1 million. Ether is up about 2.5% over the past 24 hours, according to CoinDesk data.
Coinbase Global Cryptocurrency Exchange (COIN) rose 5% after the announcement of three new board members. One of them, Clement & Murphy partner Paul Clement, will advise Coinbase on its battle in progress with the SEC.