Bitcoin ETF Surge in Trading and Inflow Signals Potential Bull Run ๐
Bitcoin ETFs have experienced a surge in trading and inflow in the past week, with two of the top ETFs proving to be exceptionally popular. Both BlackRock and Fidelity Bitcoin ETFs have now climbed the ladder to be in the top 10 all-time high list, according to Bloomberg analysts Bahana. Interestingly, this surge in demand also comes right before Bitcoin halving, making the surge a potential signal of a bullish run.
Bitcoin ETF in Flow
Last week was a bit of a rollercoaster ride for Bitcoin ETF. After seeing a few days with outflow and a few with inflow, investors were wondering if the overall Bitcoin ETF craze had died down. However, proving all of them wrong, the ETF ended the week with new inflow. The inflow was also higher than the previous one.
- In tandem with the increase in inflow into the ETF, the price of BT gathered steam and hit the $69,000 mark. At the same time, Bitcoin was trading at $7,93.78, up nearly 3.3% compared to the same time the day before. The value of the Bitcoin market is $4 billion at the time.
Bitcoin ETF Demand Ahead of Halving
Demand for Bitcoin ETF has skyrocketed ahead of the halving event. A peak in inflow just before the halving suggests that holders of Bitcoin are most likely accumulating them ahead of the big update. People maintaining a strong Bitcoin profile base are hoping for a bullish run following the halving.
- The impending halving is the primary reason market participants are holding off BT and this event also impacts Bitcoin ETFs. Despite not market rebellion, Bitcoin whales have also been actively accumulating massive amounts of BT as the halving draws near. Previous halving events have indicated that Bitcoin demand and supply usually take an imbalance after the update, leading to a bullish run for Bitcoin, nudging the price up.
Hot Take
Stay tuned for more updates on Bitcoin ETFs as the cryptocurrency market continues to evolve ๐
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