Bitcoin tjurar 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 Hitta Bitcoin ETF:er are again recording an imponerande mängd inflöden.
Spot Bitcoin ETFs Record $243 Million In Inflows
Farside Investors avslöjade i ett X (tidigare Twitter) inlägg 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) och ARK 21Shares’ Bitcoin ETF (ARKB), which saw individual inflows of $323.8 million and $200.7 million, respectively.
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 våg av vinsttagning 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
Smakämnen nuvarande hausseartade sentiment towards BTC suggests that the flagship crypto move could see further moves to the upside before the Halverande händelse 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.
NewsBTC rapporterade nyligen that the supply of BTC on centraliserade börser (CEX) has been declining lately, which means that the sell pressure for the crypto token has reduced significantly. With Bitcoinvalar cooling off on selling, that leaves room for BTC to embark on an upward trend.
I skrivande stund handlas BTC för cirka 70,300 24 $, upp under de senaste XNUMX timmarna enligt datum från CoinMarketCap.
BTC trading above $70,000 | Source: BTCUSD on Tradingview.com
Featured image from Bullapp.io, chart from Tradingview.com
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Source: https://www.newsbtc.com/news/bitcoin/spot-bitcoin-inflows-surge/