Bitcoin ETFs have reversed the trend, recording their first net inflow after five consecutive days of outflows. This inflow coincides with Bitcoin revisiting the $70,000 mark, indicating a potential recovery towards its all-time high price. Fidelity's FBTC led the Nasdaq-listed funds with the highest inflows, followed by BlackRock's IBIT and several other funds. Despite the inflows, Grayscale's GBTC fund continues to experience outflows.
Bitcoin ETFs Mark Inflows, Signal Renewed Momentum as BTC Nears Record High
New York, March 26, 2022 - The landscape of Bitcoin exchange-traded funds (ETFs) has taken a positive turn, with inflows resuming after a brief spate of outflows. This development coincides with a resurgence in the price of Bitcoin (BTC), which has recently revisited the $70,000 mark.
According to data from BitMEX Research, U.S.-listed spot Bitcoin ETFs registered a net inflow totaling 212 BTC (approximately $15.7 million) on Monday, March 25. Fidelity's FBTC led the influx, attracting 3,689.3 BTC ($261.8 million).
Other notable contributors to the inflows include BlackRock's IBIT (500 BTC or $35.5 million), Bitwise's BITB, Invesco's BTCO, Franklin's EZBC, and Valkyrie's BRRR, each receiving between $11 million and $20 million.
This positive sentiment marks a reversal of the consecutive outflows witnessed over the past five days, which peaked at $326.2 million on March 19. However, Grayscale's GBTC fund remains an exception, recording a single-day outflow of $350 million on Monday.
The resumption of inflows into spot Bitcoin ETFs is seen as a bullish signal for the cryptocurrency market. Since these funds began trading in January 2022, the price of BTC has risen steadily, gaining over 50%. On Monday, the asset surged over 4%, climbing from $67,241 to $70,993 within six hours.
As of press time, BTC has appreciated over 5% in the last 24 hours, reaching a peak of $71,620 at approximately 10:35 UTC+3. The asset has since retraced slightly, trading around $71,135.
This surge in prices comes ahead of the much-anticipated Bitcoin halving event in April, which is expected to further reduce the supply of new BTC. Positive sentiment surrounding spot Bitcoin ETFs, coupled with the impending halving, suggests that the cryptocurrency could reclaim its all-time high price of $74,000 in the near future.
