BTC/USD: Bitcoin Chalks Up $72,000 as ETF Frenzy Pulls in $50 Billion in Record Time

Record after record, Bitcoin is closing in on $1.5 trillion in valuation, about triple the current market cap of EV maker Tesla.

Key Points:

• Bitcoin’s strong ‘no days off’ game.
• Prices rocketed to record $72,800.
• BlackRock’s fund swells to $10B.
• Bitcoin BTCUSD is on a tear with prices breaking record after record. Crypto circles around the world can’t catch their breath or take a break this week as the OG token smashed its previous record of $69,000 and went to work on more fresh gains, flexing that “No Days Off” mentality. Early on Tuesday, Bitcoin spiked to a new all-time high of $72,800.
• Earlier today, prices pared back some of the gains to float near $72,000 a pop. But the good news won't stop. The piles of assets sitting in the newly-launched spot Bitcoin ETFs (exchange-traded funds), have reached $50 billion. About 20% of that amount got pulled in at a record pace by the largest spot Bitcoin fund - iShares Bitcoin Trust IBIT packaged by BlackRock, the world’s largest asset manager. Some $30 billion were in Grayscale from launch day as the asset manager converted its trust into an ETF.
• The original digital asset is fast-approaching yet another big milestone. The $1.5 trillion valuation is about $100 billion away from Bitcoin’s current market cap. If reached, it will give the crypto a price tag of about $77,500 and a valuation that’s roughly three times the size of struggling EV maker Tesla TSLA, currently sitting on $550 billion in value.