As the Bitcoin (BTC) price rallies all the way to its new all-time high, the newly launched spot Bitcoin ETFs continue to hit milestones with fresh inflows. On Monday, March 4, the Fidelity Bitcoin ETF (FBTC) registered its highest single-day inflows at a staggering $404 million.
On Monday, March 4, the Bitcoin ETF inflows picked up pace once again after slowing down last week. The total Bitcoin ETF inflows on Monday stood at a staggering $588 million with both Fidelity and BlackRock clocking over $400 million in inflows each. On the other hand, GBTC recorded net outflows of $368 million, as per data from Farside investors.
Well, the net inflows have helped the Bitcoin (BTC) price rally all the way closer to its all-time high with analysts expecting a push above $70,000 very soon.
Eric Balchunas, ETF strategist at Bloomberg, reports on the notable trading activity within the cryptocurrency market, particularly across Bitcoin ETFs. Balchunas highlights that today marked the second-highest volume day for the Ten, with approximately $5.5 billion in trading volume. Notably, the ETF IBIT alone contributed $2.4 billion to this volume, pushing its assets under management (AUM) past $11 billion.
Furthermore, Balchunas points out that each ETF within the Ten has experienced a remarkable surge of over 30% in value over the past six days. He speculates that this impressive performance may contribute to sustaining the momentum in trading activity. Balchunas draws parallels to the “ARK Mania” phenomenon, suggesting similarities in the current market sentiment.
In conclusion, Balchunas suggests that the significant increase in trading activity observed last week may represent a new normal rather than an anomaly.
The Bitcoin price is just inches away from hitting a new all-time high, and a breakout above $70,000 could lead to a further price rally. Also considering the strong inflows into spot Bitcoin ETFs, institutional players can drive the rally ahead.
Bitcoin analyst Willy Woo offers insights into the current state of the cryptocurrency market, challenging the notion of being in a bull market. According to Woo, the current market activity represents a mere warm-up phase rather than a full-fledged bull market driven by fundamentals.
Woo suggests that a true fundamentals-driven bull market is characterized by a break of the upper blue band in the Macro Index below. He implies that once this threshold is breached, traditional finance (TradFi) participants may be caught off guard by the ensuing market dynamics.
Bitmine Immersion, the largest Ethereum treasury company, quietly added another 23,823 ETH to its total…
Bitcoin price has continued to trade below the $125,000 mark as the market undergoes a…
With the U.S. Securities and Exchange Commission's (SEC) final decision on Grayscale Solana ETF (GSOL)…
Roger Ver, widely known in the crypto world as “Bitcoin Jesus,” has reached a settlement…
Senate Democrats have proposed new regulations for decentralized finance (DeFi) that they want to include…
Zcash (ZEC) now trades above $200. The rally reflects a reflexive surge in investor belief,…