Bitcoin ETFs Bleed For One Week Straight – Can Price Recover To $73,000?
24 Março 2024 - 12:30PM
NEWSBTC
Last week was rough for Spot Bitcoin ETFs as they failed to attract
strong inflows day after day. As a result, these Spot Bitcoin ETFs
witnessed consecutive daily outflows every day last week,
indicating the bullish sentiment among institutional traders might
actually be waning. This seems to have been reflected in the price
of Bitcoin, as the cryptocurrency fell to as low as $61,370 during
the week. Related Reading: Fantom (FTM) Bull Run: Can FTM Hit
$2 After 20% Price Spike? Bitcoin ETFs See Sustained Outflows
Investor interest in Spot bitcoin ETFs skyrocketed throughout
February and early March amid Bitcoin’s bull run, pushing its price
to an all-time high of $73,737. This maximum investor interest saw
the ETFs setting new trading records for exchange-traded funds in
the US. However, these ETFs have now set a negative record of five
consecutive days of outflows to beat a four-day outflow streak set
in January. According to data from BitMEX Research, these ETFs
witnessed five days of consecutive outflows of $154.4 million,
$326.2 million, $261.6 million, $93.1 million, and $51.6 million.
At the same time, Grayscale’s GBTC set a new record for the most
daily outflow. BitMEX also reveals that the world’s largest crypto
asset manager saw redemptions of 9,539.7 BTC worth over $642.5
million on Monday, the largest single-day outflow in GBTC’s
history. [1/4] Bitcoin ETF Flow – 22 March 2024 All data in. 5th
day of net outflows. $52m total net outflow for the day. Blackrock
with a record low inflow of $18.9m pic.twitter.com/63u297xh8d —
BitMEX Research (@BitMEXResearch) March 23, 2024 Grayscale’s
outflow wasn’t particularly surprising, considering that the fund
has witnessed consistent daily outflow since its launch. The
surprise came from very weak inflow into other Spot ETFs like
BlackRock (IBIT) and Fidelity (FBTC), whose huge inflows have
always offset outflows from GBTC. Particularly noteworthy is
the fact that Blackrock (IBIT), which has consistently been the
target of the majority of inflow, established a new inflow low of
$18.9 million on Friday, March 22. Fidelity, on the other hand,
also saw its inflow fall to as low as $5.9 million on Monday, March
18. 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 above
$73,000. A continuation of outflows from Spot Bitcoin ETFs could
further weigh on Bitcoin price. Interestingly, the weak
inflow hasn’t really related to low trading activity, as trading
volume remained significant throughout the week. Data shows that
the cumulative trading volume of the 10 ETFs is now at $164 billion
after witnessing $22.71 billion in trading volume last week.
Related Reading: Top Analyst’s Bold Prediction: XRP Set To
Skyrocket 1,500% After a week of deep outflows, the coming days
will be crucial in determining the next major move in the price of
Bitcoin. Despite the rough week, Bitcoin still has a chance to
rebound back to $73,000 or higher, especially with the approach of
the next Bitcoin halving event. Featured image from Pexels,
chart from TradingView
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