Spot Bitcoin ETFs saw a significant increase in inflows on Wednesday, surpassing the previous record with a massive $673 million influx since their launch last month (January 11). This surge in inflow coincided with the Bitcoin price rally towards the ATH level due to demand surging ahead of supply, leading to what experts are calling a “supply shock.”
On February 28, Spot Bitcoin exchange-traded funds (ETF) saw a notable $673 million net inflow as reported by Bloomberg and BitMEX Research. This surge marked the largest inflow since the approval of spot Bitcoin ETFs. The trading volumes for all spot Bitcoin ETFs collectively reached a substantial $8 billion, with BlackRock emerging as the top performer in this space.
The BlackRock iShares Bitcoin ETF (IBIT) saw a significant increase with a record-breaking $612 million inflow, surpassing its previous highest inflow. Not only did IBIT break its trading volume record of $1.3 billion, but it also soared to $3.2 billion, surpassing the daily trade volume of many large-cap US stocks.
Fidelity Bitcoin ETF (FBTC) attracted $245.2 million in investments, while Ark 21Shares (ARKB) Bitcoin ETF received $23.8 million. On the other hand, Bitwise (BITB), Wisdomtree (BTCW), and other spot Bitcoin ETFs experienced relatively lower inflows, despite widespread interest from both retail and institutional investors.
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Bitcoin Price Surging Towards $70,000
As we found on CoinMarketCap, Bitcoin price surged over $63,400, only 8% closer to the $68.7k ATH level achieved 27 months ago. The trading volume of Bitcoin also has increased by 102% to $92 billion over the last 24 hours.
Currently, the Crypto Fear & Greed Index has surged to a level near 80, marking a 4-year peak. The market sentiment is now classified as ‘Extreme Greed.’ Well, Wall Street investors and traders are investing heavily in Bitcoin ETFs due to higher returns on Bitcoin and Ethereum compared to oil, stocks, gold, and other assets.
Will Bitcoin Hit $70k? Let’s look at it!
On 23 January 2024, the price of Bitcoin was trading around $38,460, and today, in just a few weeks, it has surged to $64,000, making an impressive gain of over 64% from that low.
According to our expert’s technical analysis and market trends, we think that Bitcoin can hit its new ATH level before the Bitcoin halving event. We are expecting that BTC Coin will cross the $70k threshold by the end of March 2024 if the current market trend continues.
So, what do you think? Will BTC hit $70k or surpass it before the halving event? Share your thoughts in the comments section below.
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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.
