Bitcoin ETFs Dominate Market with $35B: What’s Next for BTC?

• Bitcoin ETFs amass 500,000 BTC, now 2.54% of the circulating supply.
• Resurgence in ETF inflows signals potential retail interest in Bitcoin

In a remarkable feat since their launch in January, nine out of the 10 new spot Bitcoin exchange-traded funds (ETFs) have collectively amassed over 500,000 BTC, now constituting 2.54% of the current circulating supply. This milestone, achieved within a mere 54 trading days, underscores the growing significance of ETFs in the cryptocurrency market.

According to data from Farside Investors, the nine ETFs, initiated on Jan. 11, recently recorded an influx of $287.7 million in Bitcoin, bringing their total holdings to a staggering $35 billion. Together with existing U.S.-based spot Bitcoin funds, including Grayscale, these ETFs now commandeer 835,000 BTC, accounting for nearly 4% of the entire Bitcoin supply.

Notably, this week marked a resurgence in ETF inflows, reversing a trend of outflows observed since March 18. On March 28 alone, total inflows amounted to $183 million, with BlackRock leading the surge as its IBIT fund garnered $95 million. Fidelity and Bitwise closely followed suit, each attracting around $67 million, while Ark 21Shares saw a notable $27.6 million inflow post a massive $200 million influx on Wednesday.

This surge in ETF inflows signals a potential resurgence of retail interest in traditional markets, potentially influencing future price movements of BTC. Nonetheless, concerns linger regarding the diminishing number of BTC holders and the impending halving event, which historically has catalyzed short-term sell-offs among miners.

Meanwhile, Bitcoin is now trading at $69953 with a slight decline of 0.23% in the past twenty-four hours. And the trading volume is down 24.43%. And in a week timeline,  it surged 9.2%. It is currently 4.82% away from its ATH which was hit 16 days ago. The daily RSI is at 58 which indicates that it is in a neutral condition.

As Bitcoin navigates these dynamics, investors brace themselves for potential volatility while keeping a keen eye on the evolving landscape of Bitcoin ETFs and their impact on market sentiment.

share

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://thenewscrypto.com/bitcoin-etfs-dominate-market-with-35b-whats-next-for-btc/