Bitcoin has broken through the $70,000 mark once again

As the digital asset market continues to develop,Arbitrage investors remain optimistic about its long-term prospects. According to recent reports, despite significant outflows from U.S. Exchange-Traded Funds (ETFs) last week, Bitcoin and other digital assets are still on the rise. Bitcoin briefly surpassed the $70,000 mark for the first time in over a week.

In Monday's trading, Bitcoin's price increased by 5.8%, reaching $70,014. At the same time, Ethereum rose by about 5%, while Solana and Dogecoin both saw increases of over 4%.

Last week, ETFs experienced nearly $900 million in withdrawals, reflecting continuous outflows from the Grayscale Bitcoin Trust and a slowdown in subscriptions for ETFs from BlackRock and Fidelity Investments. This performance marked one of the worst for these ten funds since the beginning of the year.

Despite the drag on ETF inflows, there has been a substantial amount of buying in the market, particularly concentrated around the $60,000 region. As the co-founder of the digital asset hedge fund INDIGO Fund stated, "This indicates the market's eagerness to buy on dips. You need to secure liquidity at lower levels to facilitate subsequent growth and generate upward momentum."

Bitcoin's avid followers seem unphased by the ETF outflows, with the market still demonstrating strong purchasing power.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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