Bitcoin briefly rose above $61,000 on Friday, following the stock market’s rally on Thursday. However, as stocks wavered, the cryptocurrency gave up some of those gains, trading around the $60,000 mark.
Bitcoin has shown a higher correlation with the S&P 500 than gold during this week’s financial turmoil. This indicates that, at times, Bitcoin can act as a risk-on asset rather than a safe haven in times of economic uncertainty.
U.S. spot bitcoin ETFs experienced outflows of $77.3 million this week, while spot ether ETFs saw inflows of $120.6 million. Despite the strong inflows of $194.6 million on Thursday, the overall flow for the week remains negative for bitcoin ETFs.
Ether prices continue to fall, trading close to $2,500, even as spot ether ETFs have seen positive inflows. The outflows from the Grayscale Ethereum Trust (ETHE) have slowed down.
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