Fidelity Bitcoin ETF Inflows Reach Record Over $400 Million, Trading Volumes SkyRocket
As the Bitcoin (BTC) price rises to an all-time high, newly launched spot Bitcoin ETFs continue to hit milestones with new inflows. On Monday, March 4, Fidelity Bitcoin ETF (FBTC) recorded its highest single-day inflow at a staggering $404 million.
Bitcoin ETFs remain in the spotlight
On Monday, March 4, Bitcoin ETF inflows picked up speed once again after slowing last week. Total Bitcoin ETF inflows on Monday totaled a staggering $588 million, with both Fidelity and BlackRock inflowing over $400 million each. On the other hand, according to data received from Farside investors, GBTC recorded a net outflow of 368 million dollars.
Net inflows helped Bitcoin (BTC) price approach its all-time high and analysts are expecting a rally above $70,000 very soon.
Bloomberg ETF strategist Eric Balchunas reports on significant trading activity in the cryptocurrency market, specifically Bitcoin ETFs. Balchunas emphasized that today was the second highest volume day for Ten, with a transaction volume of approximately $5.5 billion. Notably, ETF IBIT alone contributed $2.4 billion to this volume, bringing its assets under management (AUM) to over $11 billion.
Additionally, Balchunas points out that every ETF within Ten has experienced a notable increase in value of over 30% in the last six days. He thinks this impressive performance could contribute to sustaining the momentum in trading activities. Balchunas draws parallels with the “ARK Mania” phenomenon and suggests similarities in current market sentiment.
As a result, Balchunas suggests that the significant increase in trading activity observed last week may represent a new normal rather than an anomaly.
Will BTC Price Rise Continue?
Bitcoin price is just inches away from reaching a new all-time high, and a break above $70,000 could send prices higher. Additionally, given the strong inflows into spot Bitcoin ETFs, institutional players could drive the rally going forward.
Bitcoin analyst Willy Woo challenges the idea of being in a bull market and offers insight into the current state of the cryptocurrency market. According to Woo, current market activity merely represents a warm-up phase rather than a full-fledged bull market driven by fundamentals.
Woo suggests that a real fundamentals-based bull market is characterized by a breakout of the upper blue band of the Macro Index below. It implies that once this threshold is crossed, traditional finance (TradFi) participants may be caught off guard by the emerging market dynamics.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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