bitcoin-evening-star-btc-bulls-still-shine/” rel=”nofollow”>bitcoin bulls It appears to be firmly back in the driver's seat after weeks of seeing btc suffer bearish sentiment with its price drops. The current bullish outlook for the flagship cryptocurrency is evident in the fact that the bitcoin-etfs-btc-down-20-founder/” rel=”nofollow”>bitcoin Spot ETF They are recording again bitcoin-etfs-record-2-2-billion-inflow-in-past-week/” rel=”nofollow”>impressive number of entries.
bitcoin spot ETFs record $243 million in inflows
Farside Investors revealed in an X (formerly Twitter) mail that bitcoin Spot ETFs recorded $243 million in inflows on March 27. This record was mainly due to BlackRock bitcoin-ablaze-data-reveals-robust-demand-for-etfs/” rel=”nofollow”>iShares bitcoin Trust (IBIT) and the bitcoin-headed-to-1-5-m/” rel=”nofollow”>ARK 21Shares bitcoin ETF (ARKB)which recorded individual receipts of $323.8 million and $200.7 million, respectively.
These entries were bitcoin-etfs/” rel=”nofollow”>enough to eclipse the $299.8 million that Grayscale's bitcoin ETF GBTC recorded that day. Meanwhile, this is the third day in a row that these bitcoin spot ETFs have seen net inflows, having seen net outflows over the past week. These funds recorded income of $418 million and $15.4 million on March 26 and 25, respectively.
This is certainly a welcome development for the crypto community, considering that analysts at JPMorgan already predicted that the bitcoin-etf/” rel=”nofollow”>profit taking wave of btc ETFs could last until Halving. Therefore, seeing sustained inflows into these ETFs could mean that sentiment among these ETF investors has changed.
Regardless of the current prospects of these ETFs, there is reason to be confident in their future trajectory and the amount of funds that could still flow into the bitcoin ecosystem. Matt Hougan, Bitwise's chief investment officer (CIO), recently suggested that demand for these bitcoin ETFs is far from its peak. That means these funds could still witness a staggering number of inflows.
btc Still Poised for Further Bullish Move Before Halving
He bitcoin-whale-profits-mixed-spot-btc-etf-flows/” rel=”nofollow”>current bullish sentiment towards btc suggests that the flagship crypto movement could see more bullish moves before it bitcoin-bull-market-glassnode/” rel=”nofollow”>Halving Event in mid-April. In addition to bitcoin Spot ETFs, which have again recorded net inflows, other fundamentals point to a btc price rise soon enough.
NewsBTC recently reported that the supply of btc in centralized exchanges (CEX) has been declining lately, which means that the selling pressure of the crypto token has reduced significantly. With bitcoin whales cool down in 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 bitcoin/” rel=”nofollow”>data from CoinMarketCap.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/03/Spot-Bitcoin-Inflows-Rising-with-New-Records" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″ loading=”lazy”/>
btc trading above $70,000 | Source: BTCUSD on Tradingview.com
Featured image from Bullapp.io, chart from Tradingview.com
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