Bitcoin ETFs Seen $1.7 Billion in Net Inflows Last Week, Bloomberg Analyst Hints at the Fall
Net flows for Spot Bitcoin ETFs were negative on Friday despite significant inflows recorded by BlackRock, Fidelity, Bitwise and Ark 21Shares Bitcoin exchange-traded funds (ETFs). The situation of Genesis and Gemini has hurt Bitcoin ETF net flows as the GBTC outflow rate has increased in the last few days. But the week was great for Bitcoin ETFs, with net inflows of $1.7 billion.
$140 Million New Outflow Recorded from Bitcoin ETFs
Spot Bitcoin exchange-traded funds (ETF) witnessed Net outflow of $140 million on March 1, according to data from Bloomberg and BitMEX Research. This comes amid a massive GBTC outflow of $492.2 million, with Bitcoin ETF inflows taking a hit.
Bloomberg ETF analyst James Seyffart The big breakouts in GBTC are almost certainly related to the status of Genesis and gemini, he said. Crypto lender Genesis received bankruptcy court approval last month to sell 35 million GBTC shares worth $1.3 billion.
Spot Bitcoin ETFs recorded large trading volumes on March 1. Eric BalchunasBloomberg’s senior ETF analyst noted that this was the “third biggest day ever Wednesday and Thursday.” “All told $22 billion was traded this week, equivalent to about a month’s worth of volume in 5 days.” It also looked at the possibility of reduced inflows over the next few days.
BlackRock’s iShares Bitcoin ETF (IBIT) spotted $202.5 million inflow is down significantly from the biggest inflows in recent times. After the latest influx, BlackRock’s net inflow exceeded $7.95 billion and its asset holdings also increased $10.5 billion.
Fidelity Bitcoin ETF (FBTC) and Ark 21 Shares (ARKB) Bitcoin ETF saw inflows of $49.3 million and $55 million, respectively. Bitwise (BITB) and other spot Bitcoin ETFs saw marginally lower inflows. VanEck Bitcoin ETF (HODL) saw another outflow of $1.8 million.
Especially, GBTC Following the outflow of $598.9 million on Thursday, another large outflow of $492.4 million was recorded. GBTC Net outflows top $8.89 billion to date.
Also Read: Bitcoin Supply Shock — Bitcoin ETFs Already Added 4% of Total BTC
Will BTC Price Rise Continue or Fall?
BTC price has been trading sideways in the last 24 hours after a 45% increase last month. The price is currently trading at $62,046; The lowest and highest levels of the last 24 hours are $ 57,093 and $ 63,913 respectively. Additionally, the 30% decrease in trading volume in the last 24 hours shows that investors’ interest has decreased.
Recent reports have hinted that a potential correction in BTC price following the Bitcoin halving would drop to $42,000, offering investors another opportunity to buy a $100,000 dip.
According to Coinglass data, Bitcoin futures and options open interest (OI) remained at record levels, with total futures OI rising over 1% to $27.26 billion. Despite the overcalls due to the high funding rates of Bitcoin options, the price of Bitcoin is estimated to be 100 thousand dollars.
Also Read: Binance Burns 2.21 Billion terra luna Classic, LUNC Price Rises Over 30%
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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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