Bitcoin ETF Gains Momentum with $484 Million Inflows, What’s Next for BTC Price?
During the week starting April 1, Spot Bitcoin ETFs witnessed a spree of declines and recoveries. These ETFs recorded total weekly inflows of over $7,484 million, despite the first day being negative. However, despite the recovery, Bitcoin ETF inflows have halved compared to last week’s strong inflow. However, the recovery is impressive and could also catalyze the recovery in BTC price.
Spot Bitcoin ETF Weekly Flows
The week started on Monday, April 1, with a collective net outflow of $85.84 million. Grayscale’s GBTC, in particular, recorded a significant net outflow of $302 million. BlackRock’s IBIT, meanwhile, saw a contrarian net inflow of $165 million. Fidelity’s FBTC also experienced net inflows of $43.99 million.
This resulted in a total net outflow from ETFs of $85.7 million. Despite these fluctuations, cumulative net inflows into Spot Bitcoin ETFs reached an impressive $12.04 billion in that period. It also underlines the continued interest of investors in this asset class.
However, market sentiment changed on Tuesday, April 2, as Spot Bitcoin ETFs experienced total net inflows of $39.47 million. This shift was driven by GBTC’s single-day net outflow of $81.86 million; this was countered by IBIT’s net inflow of $150 million and FBTC’s net inflow of $44.77 million.
Additionally, on Wednesday, April 3, these ETFs saw a decrease in outflows from Grayscale’s GBTC, with total outflows falling to $75 million. BlackRock’s IBIT made a notable $42 million acquisition. Additionally, FBTC recorded a significant $117 million acquisition. Moreover, it signals increased investor interest and contributes to a total of $113 million in inflows across all Bitcoin ETFs.
Further positivity was witnessed on Thursday, April 4, with Bitcoin ETFs recording cumulative net inflows of $213 million. This marked the third consecutive day of net inflows, indicating a revival in investor demand following the previous decline. The increase in inflows just before the halving shows that investors are strategically accumulating their BTC holdings.
The week ended on Friday, April 5, with consistency in ETF flows and total net inflows of $203 million. BlackRock led with an inflow of $308.8 million, followed by Fidelity with $83 million. However, GBTC continued to experience outflows of $198.9 million even after the completion of the Genesis liquidation.
Also Read: Bitcoin Maxi Explains Why BTC Will Outperform USD by 100x
Bitcoin Price Recovery
Amid the recovery in Bitcoin ETF flows, BTC price also gained momentum, rising above $69,000. At press time, the Bitcoin price rose 2.10% to $69,362.43 on Sunday, April 7. In comparison, the transaction volume of the cryptocurrency decreased by 33.09% to $19.97 billion.
Meanwhile, BTC’s market cap was $1.36 billion. During the price recovery, Bitcoin witnessed massive short liquidations as these traders bought back their positions to reduce potential losses. This could cause a short squeeze and lead to further increases in Bitcoin price before an eventual decline.
According to Coinglass, BTC witnessed short liquidations of $24.61 million out of a total amount of $28.38 million in the last 24 hours. Michaël van de Poppe, a popular crypto analyst, recently predicted that BTC could test its all-time high if it breaks above $69,000.
However, he expressed doubts about this and signaled consolidation in the BTC price. Poppe concluded his post on
Also Read: Costa Rica Continues Debate on Allowing Bitcoin as Currency for Daily Use
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