Bitcoin bulls It looks like we are firmly back in the driver’s seat after weeks of BTC facing bearish sentiment with its price declines. The current bullish outlook for the flagship crypto is evident from the fact that the Discover Bitcoin ETFs are recording again impressive amount of inflow.
Spot Bitcoin ETFs record inflows of $243 million
Farside Investors unveiled in an X (formerly Twitter) after that the Spot Bitcoin ETFs recorded inflows of $243 million on March 27. This record was mainly due to BlackRock’s iShares Bitcoin Trust (IBIT) and the Bitcoin ETF (ARKB) from ARK 21Shareswith individual inflows of $323.8 million and $200.7 million respectively.
This influx was enough to overshadow the $299.8 million that Grayscale’s Bitcoin ETF GBTC recorded on the day. Meanwhile, this is the third day in a row that these Spot Bitcoin ETFs have recorded net inflows, after seeing net outflows over the past week. These funds recorded inflows of $418 million and $15.4 million on March 26 and 25, respectively.
This is undoubtedly a welcome development for the crypto community as analysts at JPMorgan had already predicted it wave of profit taking of BTC ETFs could last until the halving. Therefore, seeing continued inflows into these ETFs could mean that sentiment among these ETF investors has changed.
Regardless of the current outlook for these ETFs, there is reason to be confident in their future trajectory and how much money could still flow into the Bitcoin ecosystem. Matt Hougan, the Chief Investment Officer (CIO) at Bitwise, recently suggested that demand for these Bitcoin ETFs is far from peaking. That means these funds could still witness an astonishing amount of inflows.
BTC is still poised for more upside before the halving
The current bullish sentiment towards BTC suggests that the flagship crypto movement could see further gains to the upside before the Halving event mid April. In addition to the Spot Bitcoin ETFs, which are seeing net inflows again, other fundamental factors point to a price increase for BTC soon.
NewsBTC recently reported that the supply of BTC will start centralized exchanges (CEX) has subsided lately, meaning that selling pressure for the crypto token has decreased significantly. Of Bitcoin whales cooling the selling, leaving room for BTC to start an uptrend.
At the time of writing, BTC is trading around $70,300, up in the past 24 hours according to facts from CoinMarketCap.
BTC trading above $70,000 | Source: BTCUSD on Tradingview.com
Featured image from Bullapp.io, chart from Tradingview.com
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