Bitcoin ETFs: Almost 3 months on, where do they stand?
Description
Bitcoin[BTC] climbed past the $70,000 mark after staying stagnant at those levels for quite some time. However, recent interest in Bitcoin ETFs may help BTC see green yet again.
A tale of outflows and inflows
As per data from SoSoValue, the aggregate net inflows into Bitcoin spot ETFs stood at $179 million on 28th March.
Specifically, the Grayscale ETF GBTC witnessed an outflow of $104 million, whereas the BlackRock ETF IBIT experienced an inflow of $95.12 million and the Fidelity ETF FBTC saw an inflow of $68.09 million.
This surge in inflow could imply that retail interest in ETFs in traditional markets is on the rise. High inflows could potentially result in a positive price movement for BTC in the future.
At press time, BTC was trading at $69,864.20 and its price had declined by 0.81% in the last 24 hours.
Even though interest in Bitcoin was rising in the Traditional Finance sector, the same couldn’t be said in terms of the crypto space. The velocity at which BTC was trading had also fallen during this period. This meant that the frequency at which the king coin was trading at had declined. The decline in velocity may indicate that current addresses may be losing interest in BTC.
Additionally, the total number of holders accumulating BTC had also declined. These factors could impact BTC’s price going forward.
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