Spot Bitcoin ETFs See Surge in Inflows
Spot Bitcoin ETFs have recorded a substantial increase in inflows, signaling renewed bullish sentiment in the market. Among the significant contributors to this surge are iShares Bitcoin Trust (IBIT) by BlackRock and ARK 21Shares’ Bitcoin ETF (ARKB), which saw substantial individual inflows. This influx of funds has overshadowed the performance of Grayscale’s Bitcoin ETF GBTC, highlighting a shift in investor sentiment towards these ETFs.
- Spot Bitcoin ETFs record $243 million in inflows on March 27
- BlackRock’s iShares Bitcoin Trust (IBIT) and ARK 21Shares’ Bitcoin ETF (ARKB) see significant inflows
- Net inflows for Spot Bitcoin ETFs for three consecutive days
Evidence of Bullish Trend for BTC
The latest data reveals a strong bullish trend for Bitcoin, with the cryptocurrency poised for further upside movement in the lead-up to the upcoming Halving event. Apart from the positive performance of Spot Bitcoin ETFs, other market indicators suggest a potential price surge for BTC in the near future. The declining supply of BTC on centralized exchanges and reduced selling pressure from prominent Bitcoin holders indicate a favorable environment for the cryptocurrency.
- BTC trading at around $70,300 at the time of writing
- Decrease in BTC supply on centralized exchanges supports upward price movement
- Reduced selling by Bitcoin whales contributes to positive market sentiment
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