Bitcoin Bulls appears to be firmly back in control after weeks of seeing BTC suffer bearish sentiment with its price drops. The current bullish outlook for the leading cryptocurrency is evident in the fact that the Spot Bitcoin ETFs are recording again impressive amount of entries.
Spot Bitcoin ETFs record $243 million in inflows
Farside Investors revealed in an X (formerly Twitter) publish that Spot Bitcoin ETFs recorded $243 million in inflows on March 27. This record was mainly thanks to BlackRock’s iShares Bitcoin Trust (IBIT) and the ARK 21Shares Bitcoin ETF (ARKB)which recorded individual inflows of US$323.8 million and US$200.7 million, respectively.
These entries 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 the past week. These funds recorded an inflow of US$418 million and US$15.4 million on March 26 and 25, respectively.
This is undoubtedly a welcome development for the crypto community, considering JPMorgan analysts have already predicted that the wave of profit taking of BTC ETFs can last until Halving. Therefore, seeing sustained inflows into these ETFs could mean that sentiment among these ETF investors has changed.
Regardless of the current outlook for these ETFs, there is reason to be confident about their future trajectory and how many funds can still flow into the Bitcoin ecosystem. Matt Hougan, Chief Investment Officer (CIO) at Bitwise, recently suggested that demand for these Bitcoin ETFs is far from its peak. This means that these funds could still witness a surprising amount of inflows.
BTC still primed for more positive moves ahead of halving
O current bullish sentiment towards BTC suggests that the crypto’s main move could see more upward moves before the Halving event in mid-April. In addition to Spot Bitcoin ETFs, which have returned to recording net inflows, other fundamentals suggest a rise in the price of BTC soon.
NewsBTC recently reported that the supply of BTC in centralized exchanges (CEX) has been decreasing lately, which means that the selling pressure of the crypto token has decreased significantly. With Bitcoin Whales cooling in sales, this leaves room for BTC to embark on an upward trend.
At the time of writing, BTC was trading at around $70,300, up over the past 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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