The Bulls Are Back: Spot Bitcoin Inflows Surge With New Records

Scott Matherson

1 year ago

3 mins read

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Bitcoin bulls look to be firmly back in the driver’s seat following weeks of seeing BTC suffer a bearish sentiment with its price dips. The current bullish outlook for the flagship crypto is evident in the fact that the Spot Bitcoin ETFs are again recording an impressive amount of inflows.

Spot Bitcoin ETFs Record $243 Million In Inflows

Farside Investors revealed in an X (formerly Twitter) post that the Spot Bitcoin ETFs recorded $243 million in inflows on March 27. This record was primarily thanks to BlackRock’s iShares Bitcoin Trust (IBIT) and the ARK 21Shares’ Bitcoin ETF (ARKB), which saw individual inflows of $323.8 million and $200.7 million, respectively.

These inflows were enough to overshadow the $299.8 million that Grayscale’s Bitcoin ETF GBTC recorded on the day. Meanwhile, this marks the third consecutive day that these Spot Bitcoin ETFs have recorded net inflows, having seen net outflows throughout last week. These funds recorded an inflow of $418 million and $15.4 million on March 26 and 25, respectively.

This is undoubtedly a welcome development for the crypto community, considering that analysts at JPMorgan already predicted that the wave of profit-taking from the BTC ETFs could last until Halving. Therefore, seeing sustained inflows into these ETFs could mean that the sentiment among these ETF investors has changed.

Irrespective of the current outlook for these ETFs, there is reason to be confident about their future trajectory and how much funds could still flow into the Bitcoin ecosystem. Matt Hougan, the Chief Investment Officer (CIO) at Bitwise, recently suggested that the demand for these Bitcoin ETFs is far from its peak. That means that these funds could still witness an astonishing amount of inflows.

BTC Still Primed For More Upside Move Before Halving

The current bullish sentiment towards BTC suggests that the flagship crypto move could see further moves to the upside before the Halving event in mid-April. Besides the Spot Bitcoin ETFs, which are back to recording net inflows, other fundamentals hint at a price surge for BTC soon enough.

NewsBTC recently reported that the supply of BTC on centralized exchanges (CEX) has been declining lately, which means that the sell pressure for the crypto token has reduced significantly. With Bitcoin whales cooling off on selling, that leaves room for BTC to embark on an upward trend.

At the time of writing, BTC is trading at around $70,300, up in the last 24 hours according to data from CoinMarketCap.

BTC trading above $70,000 | Source: BTCUSD on Tradingview.com

Featured image from Bullapp.io, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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