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Home Bitcoin

Bitcoin remains stagnant even as spot ETFs bring in $418M

March 27, 2024
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Bitcoin remains stagnant even as spot ETFs bring in $418M
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  • Inflows into new ETFs negated outflows from GBTC.
  • Bitcoin still encountered selling pressure from long-term holders.

In a remarkable turnaround, Bitcoin [BTC] spot exchange-traded funds (ETFs) in the U.S. attracted substantial inflows on Tuesday, following a disappointing performance last week.

A strong net positive day

According to AMBCrypto’s analysis of SoSo Value data, about 6,000 BTCs, worth $418 million, flew into these investment avenues on a net basis, marking the strongest wave of inflows since the 14th of March.

With the latest influx, the total value of Bitcoins backing the spot ETFs hit $57.2 billion, constituting 4.20% of the crypto’s total market cap.

Bitcoin spot ETFs

Source: SoSo Value

Fidelity’s spot ETF (FBTC) led the inflows chart, amassing $279.10 million worth of Bitcoins, followed by BlackRock’s IBIT fund with inflows of $162 million.

The total inflows from the nine newly-launched ETFs helped in negating $212 million in outflows from incumbent issuer Grayscale Bitcoin Trust (GBTC).

Last week, Grayscale outflows had exceeded inflows, resulting in five straight net negative days.

On a fascinating note, the accumulated amount by new ETFs included all newly mined Bitcoins on the day, the equivalent of Grayscale’s outflows, and an additional 5,092 coins from other sellers, venture capital firm HODL15Capital noted.

Bitcoin fails to lift

Despite a strong wave of inflows, Bitcoin stayed rooted around the $70,000 level, according to CoinMarketCap, implying that considerable selling was still taking place.

A lot of these sell-offs could be attributed to long-term holders of the coin. As per AMBCrypto’s scrutiny of CryptoQuant data, this cohort has been increasingly selling their holdings for profit lately.

Bitcoin long-term holder profits

Source: CryptoQuant


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

See also  Bitcoin Rights Bill passed: How Pennsylvania plans to support crypto

While events like this stem the asset’s rise, they bring previously inactive coins into the liquid supply. This could potentially lead to more demand and volatility.

A sentiment of “extreme greed” prevailed in the market, as per the latest update from Bitcoin’s Fear and Greed Index. This could lead to sustained buying pressure in the coming days, causing Bitcoin to go further north.

 

Previous: ‘Not really a verse’: Is Vitalik Buterin’s Metaverse criticism justified?
Next: SpaceCatch Announces $CATCH Token Launch for Its Groundbreaking AR Game

READ ALSO

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  • Inflows into new ETFs negated outflows from GBTC.
  • Bitcoin still encountered selling pressure from long-term holders.

In a remarkable turnaround, Bitcoin [BTC] spot exchange-traded funds (ETFs) in the U.S. attracted substantial inflows on Tuesday, following a disappointing performance last week.

A strong net positive day

According to AMBCrypto’s analysis of SoSo Value data, about 6,000 BTCs, worth $418 million, flew into these investment avenues on a net basis, marking the strongest wave of inflows since the 14th of March.

With the latest influx, the total value of Bitcoins backing the spot ETFs hit $57.2 billion, constituting 4.20% of the crypto’s total market cap.

Bitcoin spot ETFs

Source: SoSo Value

Fidelity’s spot ETF (FBTC) led the inflows chart, amassing $279.10 million worth of Bitcoins, followed by BlackRock’s IBIT fund with inflows of $162 million.

The total inflows from the nine newly-launched ETFs helped in negating $212 million in outflows from incumbent issuer Grayscale Bitcoin Trust (GBTC).

See also  Bitcoin Rainbow Chart tells you that NOW is the time to buy BTC - Is it?

Last week, Grayscale outflows had exceeded inflows, resulting in five straight net negative days.

On a fascinating note, the accumulated amount by new ETFs included all newly mined Bitcoins on the day, the equivalent of Grayscale’s outflows, and an additional 5,092 coins from other sellers, venture capital firm HODL15Capital noted.

Bitcoin fails to lift

Despite a strong wave of inflows, Bitcoin stayed rooted around the $70,000 level, according to CoinMarketCap, implying that considerable selling was still taking place.

A lot of these sell-offs could be attributed to long-term holders of the coin. As per AMBCrypto’s scrutiny of CryptoQuant data, this cohort has been increasingly selling their holdings for profit lately.

Bitcoin long-term holder profits

Source: CryptoQuant


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


While events like this stem the asset’s rise, they bring previously inactive coins into the liquid supply. This could potentially lead to more demand and volatility.

A sentiment of “extreme greed” prevailed in the market, as per the latest update from Bitcoin’s Fear and Greed Index. This could lead to sustained buying pressure in the coming days, causing Bitcoin to go further north.

 

Previous: ‘Not really a verse’: Is Vitalik Buterin’s Metaverse criticism justified?
Next: SpaceCatch Announces $CATCH Token Launch for Its Groundbreaking AR Game
Tags: 418MBitcoinBringETFsRemainsspotstagnant

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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
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024
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

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EDITOR'S PICK

Ethereum Price On The Verge Of Repeating 2017-2021 Cycle Breakout, Target Above $20,000

Ethereum Price On The Verge Of Repeating 2017-2021 Cycle Breakout, Target Above $20,000

November 28, 2024
Fantasy Top leads daily NFT sales with US$1.8 million

Fantasy Top leads daily NFT sales with US$1.8 million

May 20, 2024
Stake.link Expands Chainlink Staking to Arbitrum to Reduce Gas Fees

Stake.link Expands Chainlink Staking to Arbitrum to Reduce Gas Fees

March 1, 2024
SuperRare Expands Beyond Ethereum NFTs Into Bitcoin Ordinals Artwork

SuperRare Expands Beyond Ethereum NFTs Into Bitcoin Ordinals Artwork

March 14, 2024

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