MEXCBitcoin ETF: BlackRock, Fidelity Shows Recovery Signs, BTC Price To Rally Next Week?
Highlights
- The total net inflow of spot Bitcoin ETFs was $59.7 million on April 19.
- Fidelity Bitcoin ETF (FBTC) saw $54.8 million inflow and BlackRock saw $29.3 million inflow.
- Bitcoin futures open interest dropped in the last few hours.
Bitcoin ETFs in the United States recorded inflows of nearly $60 million on Friday, showing signs of recovery from the negative inflows this week. BlackRock (IBIT) and Fidelity (FBTC) inflows climbed higher as market participants celebrate the fourth successful Bitcoin halving.
Rising inflows in BlackRock and other Bitcoin ETFs will provide a further push to a massive rally estimated post-Bitcoin halving. Experts gave a $100K price target for Bitcoin.
Spot Bitcoin ETFs Saw $60 Million Inflows
The total net inflow of spot Bitcoin ETFs was $59.7 million, according to data reported by Bloomberg and Farside Investors on April 20. The 11 listed spot Bitcoin ETF saw a resurgence in buying activity on Friday. The positive inflow came amid BTC price recovery ahead Bitcoin halving.
Inflows in Fidelity Bitcoin ETF (FBTC) were almost double the inflow in BlackRock’s iShares Bitcoin ETF (IBIT). BlackRock saw $29.3 million inflow, rising from tepid inflow in the last few day. Following the latest inflow, BlackRock’s net inflow hit over $15.42 billion and Bitcoin holdings jumped over $17.55 billion.
Fidelity Bitcoin ETF (FBTC) recorded $54.8 million inflow, while Ark 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB) witnessed $12.5 million and $4.9 million inflows, respectively.
The outflows from Grayscale GBTC have further slowed on Friday. Outflow from GBTC decreased to $45.8 million from $90 million a day ago. With this, the total outflows from the Grayscale BTC ETF currently stand at $16.70 billion. Grayscale CEO Michael Sonnenshein estimated outflows in GBTC ETF have peaked and positive inflows are expected soon enough, but the market is still waiting for it.
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Bitcoin Price Consolidates Near $64K
BTC price fell nearly 0.5% in the last 24 hours, with the price currently trading under $64,000. The 24-hour low and high of $63,036 and $65,481, respectively. However, the trading volume has decreased by 17% after Bitcoin halving as traders cautiously look for further signals.
Latest analysis points to overall bullish sentiment despite low trading volumes in spot and futures, primarily due to concerns about the Israel-Iran tensions. BTC price “still need to reclaim $65.5K-$66K to be giga bullish,” said popular analyst Skew. Moreover, high Bitcoin transaction fees need to subside before a further upside momentum.
Coinglass data indicates Bitcoin futures and options open interests (OI) have dropped slightly in the last 24 hours. The total futures OI dropped over 2% to $31.31 billion, with mixed sentiments across crypto exchanges in the last few hours. CME Bitcoin Futures OI dropped over 4% with most coming in the last 3 hours.
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