The Bulls Are Back: Spot Bitcoin Inflows Surge With New Records

Bitcoin enthusiasts regain control of the market after several weeks of bearish sentiment, causing price declines. This optimistic viewpoint towards Bitcoin is demonstrated by the significant inflow of funds into Spot Bitcoin Exchange-Traded Funds (ETFs) once again.

Spot Bitcoin ETFs Record $243 Million In Inflows

On March 27th, Farside Investors announced on their X platform (previously Twitter) that a massive $243 million flowed into Spot Bitcoin ETFs. The significant increase was mainly driven by two leading ETFs: BlackRock’s iShares Bitcoin Trust (IBIT) and ARK 21Shares’ Bitcoin ETF (ARKB), with individual inflows of approximately $323.8 million and $200.7 million respectively.

On those days, the net inflows to Spot Bitcoin ETFs totaled approximately $433.4 million, surpassing GBTC’s single-day intake of $299.8 million. This is the third consecutive day that these ETFs have seen inflows, following a string of outflows during the previous week. The funds recorded inflows of around $418 million on March 26 and $15.4 million on March 25.

It’s clear that this is good news for the crypto community, as JPMorgan analysts forecasted that profits from Bitcoin ETFs might continue until the halving event. Consequently, the consistent inflows into these ETFs could signify a shift in investor sentiment towards a more positive outlook.

Regardless of the present situation of these Bitcoin ETFs, there’s good reason to believe in their promising future and the potential for significant investment. Bitwise CIO Matt Hougan asserted that the appetite for these Bitcoin ETFs has yet to reach its maximum, implying that they could still experience a substantial increase in assets under management.

BTC Still Primed For More Upside Move Before Halving

In simpler terms, the positive outlook towards Bitcoins price increase is strong right now, and it’s likely that Bitcoin will continue to go up in value before its scheduled halving event in mid-April. Additionally, the influx of investments into Spot Bitcoin ETFs, along with other underlying factors, indicates a potential significant price jump for Bitcoin soon.

Recently, NewsBTC announced that there has been a decrease in the amount of Bitcoin (BTC) held on centralized exchanges (CEX). This reduction implies less pressure from sellers to unload their Bitcoin tokens, potentially paving the way for an uptrend in the cryptocurrency’s price.

Currently, Bitcoin is priced approximately at $70,300 based on information from CoinMarketCap’s latest update. In the past 24 hours, its value has risen.

The Bulls Are Back: Spot Bitcoin Inflows Surge With New Records

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2024-03-28 18:05