Crypto Breakfast: Bitcoin to $58,000, ETFs break records again and more

Good morning crypto insiders, in this article we present a summary of the most important events in the crypto world that took place last night.

This way you can quickly find out about the latest developments. More detailed articles on these topics will appear on Crypto Insiders later today.

Bitcoin price crosses $58,000

In this morning’s price update you could already read that Bitcoin (BTC) continues to rise and has now reached the $57,000 mark. An hour later, Bitcoin is already above $58,000.

Bitcoin ETF volume tops $2 billion on second day

This rapid increase comes in the context of the strong performance of the new US spot Bitcoin ETFs.

The ETFs performed very strongly yesterday for the second day in a row. They reached a trading volume of more than $2 billion for the second day in a row. reports Eric Bulchanas of Bloomberg.

The volume of BlackRock’s IBIT fund, the world’s largest asset manager, again exceeded $1.3 billion yesterday.

For Fidelity’s FBTC fund, volume was $578 million. Fidelity, one of the largest asset managers in the world, now recommends to its clients: 1 to 3% of your portfolio invest in crypto.

Yesterday, Bitcoin ETFs recorded inflows of more than 10,000 BTC

Although high volume can also indicate high outflows, this was not the case yesterday. There were net inflows of nearly $520 million into the ETFs on Monday. On Tuesday it was $576 million.

More than 10,000 BTC flowed into the ETFs yesterday. A total of $6.7 billion has flowed into the ETFs since their launch on January 11th. reports BitMEX.

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Justin Sun owns $1.6 billion worth of BTC

Apparently it’s not just the ETFs that are stocking up on Bitcoin en masse. The controversial founder of Tron (TRX), Justin Sun, has also been hit hard.

Sun shared one on Twitter Screenshot of his HTX wallet shows that he owns a whopping 28,614 BTC, worth about $1.6 billion.

He won’t have collected that in just two months, but it remains a huge sum.

FTX’s Sam Bankman-Fried wants a shorter sentence

Today we stick with controversial figures from the crypto industry. Sam Bankman-Fried, former CEO of collapsed FTX, is now in prison.

Although he has already been convicted, he is still awaiting sentencing. He is now asking the court to impose a prison sentence of “only” 63 to 78 months. That would correspond to 5.25 to 6.5 years.

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