Bitcoin Recovers to $66,000 Level as Institutional Inflows Reach $600M

Bitcoin recovered to the $66,000 level on the 21st (US local time), reaching a one-month high of $66,100 during trading as bargain buying inflows strengthened the cryptocurrency. The rally came as the Asian semiconductor stock selloff that had pressured crypto markets the previous week eased, with the MSCI Asia-Pacific index rising 2% and Korean and Taiwan markets each surging 4%. Bitcoin gained 1% on a daily basis and 5% on a weekly basis, while institutional buying momentum returned with over $600 million flowing into US spot Bitcoin ETFs over five consecutive trading days.

Bitcoin and Major Cryptocurrencies Record Price Gains

According to CoinDesk on the 21st (US local time), Bitcoin rose to the $66,100 level during trading. The cryptocurrency gained 1% on a daily basis and 5% on a weekly basis.

Ethereum reached $1,922, rising 3% in one day and 8% over seven days. Ripple (XRP) also gained 3% to $1.13, while Solana showed a 2% increase to $78.

The easing of the Asian semiconductor stock selloff that had dragged down cryptocurrency markets the previous week acted as a positive factor. The MSCI Asia-Pacific index rose 2%, and Korean and Taiwan stock markets each surged 4%.

US Spot Bitcoin ETFs Attract $600 Million in Institutional Inflows

Institutional buying momentum revived as funds flowed into US spot Bitcoin exchange-traded funds (ETFs) for five consecutive trading days, accumulating over $600 million (approximately 880 billion won) in total.

Experts stated that the market shows a cautious attitude toward Bitcoin's further rise ahead of the Federal Open Market Committee (FOMC) meeting scheduled for the 28th-29th. While interest rate freeze is anticipated at this meeting, the market is watching what signals will emerge regarding the future interest rate path.

Crypto-Related Stocks Rally on Bitcoin Strength

Coinbase Global (NAS:COIN), Robinhood (NAS:HOOD), and other cryptocurrency-related stocks rose in unison on Bitcoin's bullish momentum.

Cryptocurrency trading platform Coinbase closed at $175.85, up $15.42 (9.61%) from the previous day. Robinhood stock also finished at $106.36, rising $7.08 (7.13%).

Bitcoin mining company TeraWulf (NAS:WULF) ended at $19.87, up $1.01 (5.36%).

FAQ

What price level did Bitcoin reach on the 21st (US local time)?

Bitcoin rose to the $66,100 level during trading on the 21st (US local time), recovering the $66,000 level for the first time in one month. The cryptocurrency gained 1% on a daily basis and 5% on a weekly basis.

How much money flowed into US spot Bitcoin ETFs?

US spot Bitcoin ETFs attracted over $600 million (approximately 880 billion won) in total as funds flowed in for five consecutive trading days, signaling revived institutional buying momentum.