The Bulls Are Back: Spot Bitcoin Inflows Surge With New Records
March 28 2024 - 11:00AM
NEWSBTC
Bitcoin bulls look to be firmly back in the driver’s seat following
weeks of seeing BTC suffer a bearish sentiment with its price dips.
The current bullish outlook for the flagship crypto is evident in
the fact that the Spot Bitcoin ETFs are again recording an
impressive amount of inflows. Spot Bitcoin ETFs Record $243
Million In Inflows Farside Investors revealed in an X (formerly
Twitter) post that the Spot Bitcoin ETFs recorded $243 million in
inflows on March 27. This record was primarily thanks to
BlackRock’s iShares Bitcoin Trust (IBIT) and the ARK 21Shares’
Bitcoin ETF (ARKB), which saw individual inflows of $323.8 million
and $200.7 million, respectively. Related Reading: Here’s Why
The Cardano Price Is Struggling Below $0.7 These inflows were
enough to overshadow the $299.8 million that Grayscale’s Bitcoin
ETF GBTC recorded on the day. Meanwhile, this marks the third
consecutive day that these Spot Bitcoin ETFs have recorded net
inflows, having seen net outflows throughout last week. These funds
recorded an inflow of $418 million and $15.4 million on March 26
and 25, respectively. This is undoubtedly a welcome
development for the crypto community, considering that analysts at
JPMorgan already predicted that the wave of profit-taking from the
BTC ETFs could last until Halving. Therefore, seeing sustained
inflows into these ETFs could mean that the sentiment among these
ETF investors has changed. Irrespective of the current
outlook for these ETFs, there is reason to be confident about their
future trajectory and how much funds could still flow into the
Bitcoin ecosystem. Matt Hougan, the Chief Investment Officer (CIO)
at Bitwise, recently suggested that the demand for these Bitcoin
ETFs is far from its peak. That means that these funds could still
witness an astonishing amount of inflows. BTC Still Primed For More
Upside Move Before Halving The current bullish sentiment towards
BTC suggests that the flagship crypto move could see further moves
to the upside before the Halving event in mid-April. Besides the
Spot Bitcoin ETFs, which are back to recording net inflows, other
fundamentals hint at a price surge for BTC soon enough.
Related Reading: XRP Price Enters Pre-Bull Rally Phase: Crypto
Analyst Reveals Next Target NewsBTC recently reported that the
supply of BTC on centralized exchanges (CEX) has been declining
lately, which means that the sell pressure for the crypto token has
reduced significantly. With Bitcoin whales cooling off on selling,
that leaves room for BTC to embark on an upward trend. At the
time of writing, BTC is trading at around $70,300, up in the last
24 hours according to data from CoinMarketCap. BTC trading above
$70,000 | Source: BTCUSD on Tradingview.com Featured image from
Bullapp.io, chart from Tradingview.com
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