In the rapidly evolving realm of cryptocurrencies, two major events are on the horizon for the Bitcoin market: Bitcoin exchange-traded funds (ETFs) and the scheduled Bitcoin halving set for April 2024. Currently, Bitcoin ETFs are making headlines due to the massive Inflow.
This week has been notably positive for spot Bitcoin ETFs. On Monday, there was a significant inflow of $520 million, followed by another strong inflow of $577 million on Tuesday.
The overall massive influx was mainly attributed to the BlackRock iShares Bitcoin ETF, which alone saw an inflow of $520 million. These developments suggest a bullish rally in the market, hinting at strong chances of BTC price surging to $60,000.
BlackRock Takes the Lead in Bitcoin ETF Inflow
On February 27, Spot Bitcoin exchange-traded funds (ETF) saw $577 million in net inflow (equivalent to 10,167.5 BTC), as per BitMEX Research data. This marked the third-largest inflow since launch, with all nine spot Bitcoin ETFs experiencing significant trading volumes.
However, Grayscale’s GBTC outflow surged on Tuesday, following a previous drop to $22.4 million the day before.
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The BlackRock iShares Bitcoin ETF (IBIT) experienced a significant milestone with an inflow of over $520 million, marking its largest to date. Additionally, IBIT achieved a record-breaking $1.3 billion trading volume, surpassing the daily trade volume of many large-cap US stocks.
With this recent inflow, BlackRock’s net inflow surged to over $6.5 billion, and its asset holdings surged to more than 141,000 BTC.
Fidelity Bitcoin ETF (FBTC) attracted $126 million in investments, while Ark 21Shares (ARKB) Bitcoin ETF received $5.4 million. Additionally, Bitwise (BITB), VanEck (HODL), and other spot Bitcoin funds experienced significant inflows, reflecting a strong bullish sentiment from both retail and institutional investors.
Bloomberg’s senior ETF analyst, Eric Balchunas, noted that the daily trading volume of nine recently launched spot Bitcoin ETFs surpassed $2 billion for the second day in a row. This surge comes as the price of BTC remains strongly above $57K.
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Bitcoin Price Surges Above $59,000
The Crypto Fear & Greed Index hit an impressive 4-year peak today, reaching a value of 82. The current market sentiment is firmly in the ‘Extreme Greed’ zone, driving FOMO even on Wall Street where trader interest in BTC is soaring.
As we found on CoinMarketCap, the Bitcoin price crossed $59,000, nearing the $68.6k all-time high which was achieved in November 2021. The trading volume of Bitcoin has seen 2% up to $45.7 billion in the last 24 hours, suggesting growing traders and investors interest
According to our technical analysis and market trends, Bitcoin is anticipated to touch $62, 570 at the beginning of March 2024. We also think that Bitcoin may hit its ATH level of $68.6k by the end of March 2024, as it is just 13.76% below from its peak level.
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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.
