A Bitcoin ETF (Exchange-Traded Fund) is a type of investment fund that tracks the price of Bitcoin and allows investors to buy or sell shares in it on stock exchanges. This provides a regulated and convenient way for investors to gain exposure to Bitcoin without directly holding it.
In a remarkable recovery, the inflows into Spot Bitcoin ETFs surged beyond $400 million on the second day of the week (26 March). This positive trend follows a week of significant outflows from Bitcoin ETFs due to substantial GBTC liquidations.
Fidelity Takes the Lead in Bitcoin ETFs
On Tuesday, March 26th, the nine-spot Bitcoin ETFs witnessed a significant combined net inflow of over $400 million, based on the latest data shared by Farside Investors. The Grayscale ETF GBTC recorded a noteworthy net outflow of $212 million during the same period.
This marked an improvement from the substantial daily outflows exceeding $300+ million seen throughout the previous week. As of now, the GBTC’s historical net outflow has now reached $14.36 billion.
Moreover, Fidelity’s Bitcoin Spot ETF, FBTC, saw a significant single-day net inflow of around $279 million, surpassing BlackRock for the second time this week. On Monday, Fidelity’s inflows hit $270 million compared to BlackRock’s inflows of under $40 million.
Is Bitcoin Heading Towards A New ATH?
As we found on CoinMarketCap, Bitcoin has surged by over 1% and is currently trading in green at $70,494. Additionally, BTC’s remarkable surge to $70K made history, but the thrill of reaching a new all-time high (ATH) was fleeting.
According to our technical analysis, Bitcoin is showing bullish signs after facing support on its way to $70k. If the current market environment continues, Bitcoin may reach a maximum price of $89,319.62, with an average level of $80,893.24 by the end of 2024. On the other hand, the minimum price level could be around $75,837.42 by 2024.
Also Read: Bitcoin (BTC) Skyrockets Over $71,000 in Value Ahead of Halving Event
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
