Bitcoin bulls seem to have regained control after a period of bearish sentiment. The latest data shows that the Spot Bitcoin ETFs have recorded a significant amount of inflows, indicating a strong bullish outlook for the flagship cryptocurrency. Farside Investors shared on social media that on March 27, the Spot Bitcoin ETFs saw inflows of $243 million. The BlackRock’s iShares Bitcoin Trust (IBIT) and the ARK 21Shares’ Bitcoin ETF (ARKB) were the main leaders, attracting $323.8 million and $200.7 million in inflows, respectively. This surge in inflows surpassed the $299.8 million recorded by Grayscale’s Bitcoin ETF GBTC on the same day.
Over the past few days, the Spot Bitcoin ETFs have seen a shift in sentiment, with three consecutive days of net inflows after experiencing outflows the previous week. On March 26, the funds received $418 million in inflows, followed by $15.4 million on March 25. This change in trend has caught the attention of analysts who had predicted profit-taking from the BTC ETFs leading up to the Halving event. The sustained inflows into these ETFs could indicate a change in sentiment among investors, signaling confidence in the future trajectory of Bitcoin.
Despite the current bullish sentiment, experts like Matt Hougan, the Chief Investment Officer (CIO) at Bitwise, believe that the demand for Bitcoin ETFs is still far from reaching its peak. This suggests that the funds could continue to attract a significant amount of inflows in the coming days. With the Halving event approaching in mid-April, the overall sentiment towards Bitcoin remains positive, indicating further upward moves in the price of the cryptocurrency.
In addition to the increased inflows into Bitcoin ETFs, other fundamental factors point towards a potential price surge for BTC in the near future. Recent reports have shown a decline in the supply of Bitcoin on centralized exchanges (CEX), reducing the selling pressure on the cryptocurrency. Furthermore, large Bitcoin holders, known as whales, have been holding off on selling, creating a favorable environment for Bitcoin to trend upwards.
At the time of writing, Bitcoin is trading at around $70,300, showing an upward trend in the last 24 hours. This positive price movement aligns with the overall bullish sentiment surrounding Bitcoin. As the market continues to evolve and investors show confidence in the cryptocurrency, the potential for further price appreciation remains high.
It is important to note that investing in cryptocurrencies carries inherent risks, and individuals are advised to conduct thorough research before making any investment decisions. The information provided in this article is for educational purposes only and does not constitute financial advice.