Bitcoin Price: Can BlackRock’s 250K BTC ETF Accumulation Shape New Pre-Halving Rally?

The volatility Bitcoin price faced on Wednesday ignited fresh interest among the whales who have recently been on a remarkable buying spree. After reversing the trend from $60,000 support in the previous week, BTC touched $72,000 this week before temporally faltering below $70,000.

However, due to the fresh round of demand for Bitcoin ETFs and a high-risk appetite among the whales, the price had to trade at $70,500 during US business hours on Thursday.

Bitcoin price remains relatively unchanged, sustaining a 0.22% increase in value in 24 hours. According to CoinMarketCap data, a 27% surge in the trading volume to $43 billion highlights growing interest among traders.

BlackRock’s BTC ETF Accumulation Crosses The 250K Mark

After holding the reins as the best-performing BTC ETF product since the approval in January, BlackRock’s IBIT achieved a new milestone, crossing 250,000 BTC, worth approximately $17.6 billion on March 27.

According to the latest data by BitMEX Research, IBIT added 4,702 BTC to the 245,951 BTC assets under management on Wednesday.

[1/3] Bitcoin ETF Flow – 27 March 2024

All data in. $243m total net inflow for the day. Record day for Ark and record low day for Fidelity pic.twitter.com/dLrg6MzWBr

— BitMEX Research (@BitMEXResearch) March 28, 2024

BleckRock’s “IBIT is the fastest-growing ETF in the history of ETFs,” the CEO of the company, Larry Fink told Charlie Gasparino of Fox Business on Wednesday.

Also in the green books is Fidelity’s FBTC ETF, which currently boasts at least 143,000 BTC worth around $10 billion.

As of March 27, Bitcoin ETFs had accumulated a daily total net inflow of $243 billion, bringing the cumulative total net inflow to $11.94 billion, as highlighted by SoSoValue.

On the other hand, Grayscale’s GBTC is the only ETF in the red at the time of writing, with a total daily outflow volume of approximately $300 million. To date, the cumulative net outflow volume has reached $14.66 billion.

Bitcoin Price Analysis: Can Bitcoin Hit New ATH Pre-Halving

Bitcoin halving is due in April and is already hyping institutional and retail investors to book their positions early. While prices tumbled in March, whales focused on amassing more BTC.

Blockchain data analytics company Santiment highlighted on X Bitcoin’s third biggest transaction over two weeks of 15,411.92 on Wednesday. Although commendably large, it pales in comparison to 87,051.03 BTC — the transaction on March 22 and 78,317.03 BTC at the time Bitcoin slumped to $60,000.

On-chain data suggested that “key stakeholder dip buys” supported the recovery witnessed since late last week.

🐳😯 #Bitcoin's third largest transaction in the past two weeks (15,411.92 $BTC) happened 13 hours ago. However, this was realatively tiny compared to the pair of massive transactions that occurred on March 22nd (87,051.03 $BTC and 78,317.03 $BTC) during the asset's price dip to… pic.twitter.com/HkLoUFkF2T

— Santiment (@santimentfeed) March 27, 2024

With the halving approximately three weeks away, Santiment reckons that Bitcoin’s “whales accumulating big this week.” With the subsequent growth in the perpetual contract funding rate, Bitcoin can be said to be well-positioned to rally to new highs pre-halving.

📊 #Crypto traders normally hope that #Bitcoin and other assets carve their own market performance path, without reliance on #equities or other sectors. But for a change, the crowd has been suggesting that the strong #AllTimeHigh levels from the #SP500 and #gold are creating a… pic.twitter.com/BfzzN3W9k5

— Santiment (@santimentfeed) March 27, 2024

Based on the four-hour chart, BTC price is ready to hit new record highs this week. The Moving Average Convergence Divergence (MACD) indicator may present a buy signal within the coming few sessions, further accentuating the bullish outlook.

Several four-hour candle closes above the descending trendline resistance in black are required to affirm the bullish grip. The above buy signal would call more buyers into the market as the blue MACD line flips above the red signal line.

Seller congestion is also anticipated in the red zone on the chart. After its obliteration, which is possibly considering the rise in demand for BTC and the halving, nothing might be able to stop Bitcoin price from hitting highs at $73,805 to open the door for further gains toward the $80,000 milestone.

On the downside, sliding below the trendline support would mean a fresh round of profit-taking resulting in dips below $70,000. However, with investors constantly increasing their risk appetite, dips could flip up quickly and build momentum for the next major move to $80,000.