
Right on the heels of weeks of gloom and price depreciation, Bitcoin evangelists have regained control of the reins, steering the flagship cryptocurrency back on a bullish path. Concrete evidence of this trend reversal is the resurgence of spot Bitcoin Exchange-Traded Funds (ETFs), attracting an outstanding volume of investments compared to the previous bearish sentiment.
Against the backdrop of the 27th of March, Farside Investors revealed an influx of investments into spot Bitcoin ETFs amounting to a mammoth $243 million. Spearheading this fiscal charge were the heavyweight BlackRock’s iShares Bitcoin Trust (IBIT) and ARK 21 Shares’ Bitcoin ETF (ARKB), individually amassing funds of $323.8 million and $200.7 million.
This windfall surpasses the considerable $299.8 million that Grayscale’s Bitcoin ETF GBTC recorded on the same day, reinforcing the bullish sentiment. Notably, this represented the third successive day of net inflows into these Spot Bitcoin ETFs, reversing the trend of net outflows from the week before. Marking the turnaround, these funds accumulated inflows of $418 million on the 26th of March and $15.4 million on the preceding day.
This resumption of flow into these ETFs is a favorable shift for the cryptocurrency sphere, particularly in light of predictions by analysts at JPMorgan. Their forecasts spelled a continuation of profit-taking by BTC ETFs potentially extending until Halving. Therefore, the current influx may indicate a changing sentiment among ETF investors.
Regardless of the current state of affairs with these ETFs, optimism abounds regarding their future trajectory and the potential funds they could inject into the Bitcoin ecosystem. According to Matt Hougan, Chief Investment Officer at Bitwise, the demands for these Bitcoin ETFs have yet to reach their zenith, predicting an astronomical surge in inflows.
Furthermore, market indicators point to an additional upward trek for Bitcoin before the anticipated Halving event in mid-April. Beyond the revived spot Bitcoin ETFs now recording net inflows, other key factors hint at an imminent BTC price surge.
Recently, NewsBTC reported that the availability of BTC on centralized exchanges has been on the decline. This downward trend signifies shrinking sell pressure on the cryptocurrency, leaving room for upward price adjustments. Bitcoin whales, the large accumulators of Bitcoin, appear to be easing off on selling, further creating an avenue for a bullish trend.
At present, Bitcoin trades at approximately $70,300, notching an increase in the last 24 hours as echoed by data from CoinMarketCap.
As illustrated by a price chart from TradingView.com, Bitcoin has maintained a trading level above the $70,000 mark, fuelling optimism for a sustained uptrend. As evidence mounts regarding the bullish sentiment around bitcoin, the crypto community eagerly anticipates the upcoming Halving event and its aftermath, expecting a profitable outcome.