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Bitcoin ETFs: Almost 3 months on, where do they stand?

March 30, 2024
in Bitcoin
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Bitcoin ETFs: Almost 3 months on, where do they stand?
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  • Inflows for Bitcoin ETFs grew suggesting a rising interest showcased in BTC.
  • Revenues generated by miners remained positive before the upcoming halving.

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.

Consequently, the cumulative historical net inflow of these ETFs currently stood at $12.12 billion.

Source: SoSoValue

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.

Source: Santiment

State of miners

Another factor that could influence the price of Bitcoin would be the state of miners on the network. AMBCrypto’s analysis of Blockhain.com’s data revealed that the revenue collected by miners had surged.

See also  Japan's Metaplanet to fund more Bitcoin purchases with new JPY 1 Billion loan

The surge in revenue means that miners won’t have to sell their BTC holdings to remain profitable.


Read Bitcoin’s [BTC] Price Prediction 2024-25


The overall selling pressure for BTC could also be reduced. However, the upcoming halving could change the course for miners as the reward generated by miners would decrease.

This could result in many miners opting to sell their holdings. Even though halvings have historically been a bullish event for Bitcoin, many holders would have to absorb the short-term sell-offs that could occur due to the halving on the network.

Source: Blockchain

 

Next: AVAX – Is it time to bet against it after its drop to $54?

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

  • Inflows for Bitcoin ETFs grew suggesting a rising interest showcased in BTC.
  • Revenues generated by miners remained positive before the upcoming halving.

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.

Consequently, the cumulative historical net inflow of these ETFs currently stood at $12.12 billion.

Source: SoSoValue

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.

See also  Bitcoin’s bull run continues, but where's the retail demand?

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.

Source: Santiment

State of miners

Another factor that could influence the price of Bitcoin would be the state of miners on the network. AMBCrypto’s analysis of Blockhain.com’s data revealed that the revenue collected by miners had surged.

The surge in revenue means that miners won’t have to sell their BTC holdings to remain profitable.


Read Bitcoin’s [BTC] Price Prediction 2024-25


The overall selling pressure for BTC could also be reduced. However, the upcoming halving could change the course for miners as the reward generated by miners would decrease.

This could result in many miners opting to sell their holdings. Even though halvings have historically been a bullish event for Bitcoin, many holders would have to absorb the short-term sell-offs that could occur due to the halving on the network.

Source: Blockchain

 

Next: AVAX – Is it time to bet against it after its drop to $54?
Tags: BitcoinETFsmonthsstand

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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Ragnarok enters Web3 through Ronin partnership

Ragnarok enters Web3 through Ronin partnership

April 17, 2024
Did A Single NFT Purchase Change Washington’s Mind on Crypto?

Did A Single NFT Purchase Change Washington’s Mind on Crypto?

June 5, 2024
The Oregon Group founder, Anthony Milewski, to attend Mining Indaba and 121 Mining Conference in Cape Town

The Oregon Group founder, Anthony Milewski, to attend Mining Indaba and 121 Mining Conference in Cape Town

January 29, 2025
MoonPay Launches Web3 Platform to Enhance Brand Engagement

MoonPay Launches Web3 Platform to Enhance Brand Engagement

May 29, 2024

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