Bitcoin Defies Thursday’s Record ETF Outflows, Surges Above $98,000

Bitcoin (CRYPTO: BTC) is up 2% on Friday, rallying after record net outflows from U.S. spot ETFs the day prior.

What Happened: The world’s largest cryptocurrency has reclaimed the $98,000 level. At last check Friday, it’s trading around $98,273.

The surge coincides with rising stock markets, boosted by the ISM manufacturing PMI beating its December expectations.

Bitcoin bounced back after BlackRock‘s iShares Bitcoin Trust (NASDAQ:IBIT) experienced a record-high outflow on Thursday. According to data from SoSoValue, IBIT saw $333 million worth of outflows on Jan. 2, marking the highest single-day outflow for the Bitcoin ETF since its inception.

Alex Obchakevich, founder of Obchakevich Research, attributed this significant outflow to profit-taking by investors at the start …

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