Whale Profits Skyrocket
Ki Young Ju, founder of CryptoQuant, reveals that short-term whales, including spot Bitcoin ETF buyers, have made an impressive $16.3 billion in unrealized profits. This translates to a 16% gain.
Bitcoin Rebounds After Correction
After a brief dip, Bitcoin has bounced back above $70,000. It’s now trading above the middle Bollinger Band, indicating potential resistance or support.
Spot Bitcoin ETFs Fuel Price Action
Spot Bitcoin ETFs have played a significant role in shaping Bitcoin’s price. Rumors of SEC approval in January 2024 boosted prices, and the official approval led to further gains.
Total assets under management (AUM) for spot Bitcoin ETFs have surged to $60 billion in just ten weeks, a milestone that took Gold ETFs 15 years to achieve. This suggests growing demand from institutions and other players.
Outflows Emerge
Despite the positive impact of spot Bitcoin ETFs, there have been some cracks. The past week saw the second instance of five consecutive days of outflows. However, this trend reversed on March 25, with Fidelity’s FBTC leading the rebound.
Future Outlook
It remains uncertain whether inflows into spot Bitcoin ETFs will continue. If more capital flows in, prices are likely to recover. However, it’s unclear if Bitcoin will break above $74,000 before the next halving event.
