Spike in Bitcoin Inflows: Foreseeing a Positive Trend for Spot Bitcoin ETFs
The recent optimistic sentiment surrounding Bitcoin is reflected by a notable increase in inflows into Spot Bitcoin ETFs. On March 27, these ETFs noted an inflow of $243 million, a historical high mainly attributed to the contributions of BlackRock’s iShares Bitcoin Trust (IBIT) and the ARK 21Shares’ Bitcoin ETF (ARKB). This surpasses the $299.8 million reported by Grayscale’s Bitcoin ETF GBTC on the same day, signifying the third successive day of net inflows for these Spot Bitcoin ETFs. This trend marks a shift in investor sentiment, a stark contrast to the net outflows witnessed the previous week. Despite the current perspective on these ETFs, Bitwise’s CIO, Matt Hougan, implies that the Bitcoin ETFs demand is far from its zenith, suggesting a potential for an even larger Bitcoin inflows surge in the days to come. The decreasing BTC supply on centralized exchanges, indicating lessened sell pressure, along with reduced selling by Bitcoin whales, paves the way for Bitcoin’s upward trend. As of the report, BTC trades around $70,300, noting a rise in the last 24 hours. Bitcoin inflows surge is a significant keyword to consider in this context.
Not financial advice. Always be safe and secure when dealing with cryptocurrency. Never send anyone your private key. Always Do Your Own Research..DYOR..DYOR..DYOR!
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