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 are again recording an .
Spot Bitcoin ETFs Record $243 Million In Inflows
Farside Investors revealed in an X (formerly Twitter) that the Spot Bitcoin ETFs recorded $243 million in inflows on March 27. This record was primarily thanks to BlackRock’s and the , which saw individual inflows of $323.8 million and $200.7 million, respectively.
These inflows were 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 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 towards BTC suggests that the flagship crypto move could see further moves to the upside before the 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 recently reported that the supply of BTC on 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 from CoinMarketCap.
BTC trading above $70,000 | Source:
