After a period of bearish sentiment, Bitcoin bulls seem to have taken control once again as evidenced by the significant inflows into Spot Bitcoin ETFs. Farside Investors recently reported that on March 27, the Spot Bitcoin ETFs saw inflows of $243 million. This surge was largely driven by BlackRock’s iShares Bitcoin Trust (IBIT) and ARK 21Shares’ Bitcoin ETF (ARKB), which received $323.8 million and $200.7 million in individual inflows, respectively.
The influx of funds into these ETFs has been a positive turn of events, particularly after a week of net outflows. Analysts at JPMorgan had previously predicted a wave of profit-taking from BTC ETFs leading up to the Halving event. The sustained inflows into these ETFs suggest a shift in sentiment among investors, which could bode well for the future trajectory of the funds.
Despite the recent bullish outlook, experts like Matt Hougan, the Chief Investment Officer at Bitwise, believe that the demand for Bitcoin ETFs is far from its peak. This indicates that there is still room for substantial inflows into these funds. With the current positive sentiment towards BTC, there is a possibility of further upside moves before the upcoming Halving event in mid-April.
In addition to the increased inflows into Spot Bitcoin ETFs, other fundamental factors also suggest a potential price surge for BTC in the near future. Recent reports have indicated a decline in BTC supply on centralized exchanges (CEX), which has reduced sell pressure on the cryptocurrency. The decreased selling activity among Bitcoin whales further supports the notion of an upward trend for BTC in the coming days.
As of the latest data, Bitcoin is trading at around $70,300, showing an upward trend in the last 24 hours according to CoinMarketCap. This positive price movement, coupled with the overall bullish sentiment in the market, indicates that BTC could continue to experience positive momentum leading up to the anticipated Halving event in April.
Overall, the recent inflows into Spot Bitcoin ETFs and the optimistic outlook for Bitcoin suggest that the cryptocurrency could be poised for further gains in the near future. As always, investors are encouraged to conduct their own research and consider the risks associated with investing in cryptocurrencies before making any investment decisions.
