Bitcoin ETF: Blackrock, Fidelity Enter Top 20 All-Time List Amid Rising Demand
Highlights
- Blackrock and Fidelity Bitcoin ETF have now climbed the ladder to be in the top 20 "all-time high" list.
- In tandem with the increase in flows into the ETFs, the price of BTC gathered steam and crossed the $69,000 barrier.
- Demand for Bitcoin ETFs has skyrocketed ahead of the halving.
Bitcoin ETFs saw a surge in trading and inflows in the past couple of days. As the demand continues to soar, two of the ETFs have proven to be exceptionally popular. Blackrock and Fidelity Bitcoin ETF have now climbed the ladder to be in the top 20 “all-time high” list, according to Bloomberg analyst Eric Balchunas. Interestingly, this surge in demand also came right before Bitcoin halving, making the surge give out signals of a potential bull run.
Bitcoin ETF Rise in Flows
Last week for a bit of a roller coaster ride for Bitcoin ETFs. After seeing a few days with outflows and a few with inflows, investors were wondering if the overall Bitcoin ETF craze has died down. However, proving all of them wrong, the ETFs concluded the week with new inflows. The inflows were also larger than the previous ones.
In tandem with the increase in flows into the ETFs, the price of BTC gathered steam and crossed the $69,000 barrier. At the press time, Bitcoin is trading at $71,913.78, up nearly 3.3% as compared to the same time last day. The value of the Bitcoin market is $1.4 billion at the time.
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Bitcoin ETF See Demand Ahead of Halving
Demand for Bitcoin ETFs has skyrocketed ahead of the halving. A spike in inflows right before the halving suggests that holders of Bitcoin are most likely stockpiling them ahead of the code upgrade. People maintain a strong Bitcoin profile because they are hoping for a bull run following the halving.
The impending halving is the primary cause of market participants’ hoarding of BTC and their fervent desire for Bitcoin ETFs. Despite recent market turbulence, Bitcoin whales have also been actively accumulating massive amounts of BTC as the halving draws near. Previous halvings have indicated that Bitcoin demand and supply usually take an imbalance after the code update. This creates a bull run for Bitcoin, considering the surge in demand and price.
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