BTC Price Reaches $59K as BlackRock Bitcoin ETF Sees a Huge Inflow of $520 Million
The week is going great for spot Bitcoin ETFs, which started with an inflow of $520 million on Monday and recorded another strong inflow of $577 million on Tuesday. The massive inflow followed the BlackRock iShares Bitcoin ETF, which witnessed an inflow of $520 million alone, indicating a high probability of BTC price rising to $60,000.
BlackRock Leads Spot Bitcoin ETF Entry
According to data from BitMEX Research, spot Bitcoin exchange-traded funds (ETFs) witnessed net inflows of $577 million (or net inflows of 10,167.5 BTC) on February 27. This was the third-largest inflow leading up to launch, as all nine spot Bitcoin ETFs recorded large trading volumes. However, Grayscale’s GBTC throughput rose again on Tuesday after falling to $22.4 million a day earlier.
Black Rock iShares Bitcoin ETF (IBIT) broke the record for largest inflow ever, rising above $520 million. IBIT also had a record trading volume of $1.3 billion, exceeding the daily trading volume of most major U.S. stocks. Following the latest influx, BlackRock’s net inflow rose to over $6.5 billion and its asset holdings rose to over 141,000 BTC.
Fidelity Bitcoin ETF (FBTC) and Ark 21 Shares (ARKB) Bitcoin ETF saw $126 million and $5.4 million respectively. Bitwise (BITB), VanEck (HODL) and others note that Bitcoin has also seen significant inflows, indicating strong bullish sentiment among retail and institutional investors.
Especially, GBTC It saw an outflow of $125.6 million, up from Monday’s $22.4 million, and hopes for a paradigm shift were cast aside. B.Bloomberg senior ETF analyst Eric Balchunas said the daily trading volume for the nine new spot Bitcoin ETFs is as follows: GBTC It exceeded $2 billion for the second day in a row BTC price is trending strongly above $57,000.
Source: BitMEX Research
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BTC Price Reached Above $59,000
Crypto Fear and Greed directory It reached a 4-year high of 82 today, with market sentiment currently in ‘Extreme Greed’ territory.. FOMO is reaching Wall Street as investor interest in BTC is extremely high. Experts predicted that the BTC price would reach $60,000 before the Bitcoin halving.
BTC price rose rapidly $59,000It is less than 15% away from the $68.6K peak set 27 months ago. The 24-hour low and high are $56,219 and $59,000 respectively. Additionally, the slight increase in trading volume in the last 24 hours shows that investors are showing interest.
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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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