Bitcoin trades above $83,000 as US spot ETFs pull in $550 million

Bitcoin climbed above $83,000 on Wednesday, gaining 2.5% over the previous 24 hours as inflows into US spot exchange-traded funds (ETFs) supported a renewed rally in the cryptocurrency market. Investor data from SoSoValue reported that US-listed Bitcoin spot ETFs drew substantial interest in the early days of the week. These products registered net inflows of $23.16 million on Tuesday, following a larger $526.60 million inflow on Monday. Total inflows reached $549.76 million in two days, sharply reversing last week’s outflow of $228.58 million.