Last week was a tough one for spot bitcoin ETFs as they failed to attract strong day-to-day inflows. As a result, these Spot Bitcoin ETFs have seen consecutive daily outflows each day over the past week, indicating that bullish sentiment among institutional traders is actually waning. This seems to be reflected in the price of Bitcoin Cryptocurrencies went down As $61,370 a week.
Watch Bitcoin ETFs Constantly Outflow
Investor Interest in Spot Bitcoin ETFs Skyrocketed throughout February And in Bitcoin’s bull run in early March, its price pushed up one All time high is worth $73,737.
This maximum investor interest set the ETF a new trading record for exchange-traded funds in the US. However, this ETF has now set a record of five consecutive days of negative outflows Snapped a four-day outflow streak Set in January.
According to Bitmex Research data, this ETF saw five consecutive days of inflows of $154.4 million, $326.2 million, $261.6 million, $93.1 million and $51.6 million. At the same time, Greyscale’s GBTC set a new record for highest daily outflow.
BitMEX also reveals that the world’s largest crypto asset manager liquidated 9,539.7 BTC worth more than $642.5 million on Monday, the largest one-day outflow in GBTC’s history.
[1/4] Bitcoin ETF Stream – March 22, 2024
All data on day 5 of net outflow. $52m total net flow for the day. Blackrock with record low inflows of $18.9m pic.twitter.com/63u297xh8d
— BitMEX Research (@BitMEXResearch) 23 March 2024
Grayscale’s outflow was not particularly surprising, as the fund has seen consistent daily outflows since launch. Other spot ETFs such as BlackRock (IBIT) and Fidelity (FBTC) were surprised by extremely weak flows, whose huge inflows have always offset outflows from GBTC.
Of particular note is the fact that BlackRock ( IBIT ), which has consistently been the target of majority flows, set a new inflow low of $18.9 million on Friday, March 22nd. On the other hand, Fidelity also dropped its flow. as low as $5.9 million on Monday, March 18th.
Bitcoin is now trading at $65.122. Chart: TradingView
Can Bitcoin Price Recover?
The big question now is whether Bitcoin can stage a strong recovery and reclaim its recent all-time high of $73,000. A Continue the outflow Spot Bitcoin ETFs can add more weight to the Bitcoin price.
Interestingly, weak inflows are not really related to lower trading activity, as trading volume remained significant throughout the week. data The combined trading volume of the 10 ETFs now stands at $164 billion after witnessing $22.71 billion in trading volume last week.
Then A Deep bloom weekThe coming days will be crucial to decide this The next major move in the price of Bitcoin. Despite the rough week, Bitcoin still There is a chance to make a comeback Back to $73,000 or more, especially with a forward approach Bitcoin Halving Event.
Featured image from Pexels, charts from TradingView
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