Bitcoin ETFs See $520 Million in Inflows as BTC Price Rises to $60K
Spot Bitcoin ETFs started the week strong with another big day, recording an inflow of $520 million on Monday. The large inflow came after bulls showed a bullish trend towards Bitcoin, causing the BTC price to rise above $57,000. parofix had previously reported that the supply shock that would occur before the Bitcoin halving would result in BTC exceeding $55,000 in a short time.
Spot Bitcoin ETFs Record $520 Million in Net Inflows
Net inflows into spot Bitcoin exchange-traded funds (ETFs) were $520 million on February 26, according to Farside data. Nearly all nine spot Bitcoin ETFs recorded large inflows, and Grayscale’s GBTC saw another decline in BTC outflows; This indicates a strong bullish sentiment among retail and institutional investors.
Black Rock (IBIT) recorded a record inflow of $111.8 million and net inflow reached $6 billion. BlackRock Bitcoin ETF currently has assets worth nearly $7 billion. However, the star of the day was Fidelity Bitcoin ETF.
Loyalty (FBTC) and Ark 21 Shares (ARKB) Bitcoin ETF saw $243.3 million and $130.6 million respectively. Bitwise (BITB), VanEck (HODL) and others also saw significant inflows amid the bullish sentiment.
Moreover, GBTC It saw an outflow of $22.4 million, up from Friday’s $51.8 million outflow, but that’s in line with last week’s range. Bloomberg ETF analyst James Seyffart stated that this was a record low exit for the fund. Record volume of $3.84 billion and net inflows rose from $55,000 to over $57,000 in less than 30 minutes.
Source: Farside
Also Read: Ethereum (ETH) Price Increases 5% as Layer 2 DeFi TVL Reaches $30 Trillion
BTC Price Exceeds $57,000
FOMO peaked with the Crypto Fear and Greed Index rising from 72 on Sunday to 79 (Extreme Greed) again on Monday. This is a very important moment as investor interest in BTC is extremely high. Experts predicted that the BTC price would reach $60,000 before the Bitcoin halving.
The rise comes after MicroStrategy announced this month that it had purchased nearly 3,000 additional tokens. With this latest acquisition, the company’s Bitcoin holdings now reach 193,000.
BTC price rose rapidly, increasing its market value $57,250It reached 19.9% of the high of $68.6 thousand set 27 months ago. The price is currently trading at $56,325, up over 10% in the last 24 hours. The 24-hour low and high are $50,931 and $56,728 respectively. Additionally, the trading volume increased by a large 230% in the last 24 hours, indicating increased interest among investors.
Read More: BTC Price Rises to $57,000 as Nine Bitcoin ETFs Set New Records
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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