The price of Bitcoin (
$110,171.00 ) surpassed $42,000 on Jan. 26 amidst significant spot Bitcoin ( $110,171.00 ) ETF flows and an upgrade to Coinbase’s stock rating.
Bitcoin ( $110,171.00 ) (BTC) was valued at $42,040.36 with a market cap of $824.4 billion at 8:05 pm UTC on Friday. That marks 5.3% growth over 24 hours.
Bitcoin ( $110,171.00 ) ’s current price also represents a five-day high, as prices were close to $40,000 on Jan. 24 and 25 and as low as $38,678 on Jan. 23
The cryptocurrency market in its entirety was up 4.6% over 24 hours. Other top ten assets saw comparable price gains today: Avalanche (AVAX) was up 7.3%, Solana (SOL) was up 5.9%, XRP (
$1.13 ) was up 3.7%, BNB (
$645.65 ) was up 3.5%, Cardano (
$0.42 ) (ADA) was up 3.3%, and Ethereum (
$0.00 ) (ETH) was up 1.9%.
The market saw $116 million in liquidations over 24 hours, according to Coinglass data, with Bitcoin ( $110,171.00 ) (BTC) accounting for $43.23 million of liquidations and Ethereum ( $0.00 ) (ETH) accounting for $23.52 million of liquidations.
Liquidation data for Jan. 26, via Coinglass
Gains may be due to ETF flows, Coinbase rating
Though it is not entirely known why Bitcoin ( $110,171.00 ) has gained value today, spot Bitcoin ( $110,171.00 ) ETF inflows and outflows are one major influence on the market.
Outflows from Grayscale’s GBTC ETF are now slowing and may have largely concluded, according to a report from JP Morgan on Jan. 25. High GBTC outflows put more Bitcoin ( $110,171.00 ) (BTC) onto the market, providing a larger supply in comparison to investor demand. Such outflows likely contributed to falling Bitcoin ( $110,171.00 ) prices in the weeks following various spot Bitcoin ( $110,171.00 ) ETF approvals on Jan. 10.
Conversely, inflows into other funds have taken Bitcoin ( $110,171.00 ) off the market and may be helping to raise prices. Although most spot Bitcoin ( $110,171.00 ) ETFs have positive inflows, BlackRock’s iShares Bitcoin ( $110,171.00 ) Trust (IBIT) notably crossed $2 billion in total inflows on Jan. 26. Net inflows for all spot Bitcoin ( $110,171.00 ) ETFs amount to $744 million.
Other positive developments may have influenced crypto prices as well. Yahoo! Finance analysts noted that Coinbase (COIN)’s stock rating has been upgraded by Oppenheimer & Co. The price of COIN is also up 3.40% today.
