Spot Bitcoin ETFs Soar
Bitcoin is back on the rise, with Spot Bitcoin ETFs seeing a surge in inflows. On March 27th, these ETFs recorded a whopping $243 million in inflows, led by BlackRock’s iShares Bitcoin Trust and ARK 21Shares’ Bitcoin ETF. This marks the third consecutive day of net inflows, a welcome change from the outflows seen last week.
Bullish Sentiment Strengthens
The sustained inflows suggest a shift in sentiment among ETF investors. Analysts had predicted a wave of profit-taking from BTC ETFs, but the recent inflows indicate otherwise.
Bitwise CIO Optimistic
Matt Hougan, CIO at Bitwise, believes the demand for Bitcoin ETFs is far from its peak, suggesting that even more inflows could be on the horizon.
BTC Poised for Further Upside
The bullish outlook is supported by other fundamentals. The supply of BTC on centralized exchanges has been declining, reducing sell pressure. Additionally, Bitcoin whales are holding off on selling, creating room for an upward trend.
As of writing, BTC is trading around $70,300, indicating a rise in the last 24 hours.
