Following a week of net outflows, the spot Bitcoin ETF market has rebounded with impressive net inflows this week, highlighting a growing investor confidence in Bitcoin and its associated financial products. This week’s market activities have shown a remarkable reversal from the previous 5-day net outflow streak, with Tuesday witnessing a substantial net inflow of $480 million, followed by $243.5 million on Wednesday.
Yesterday’s resurgence in investor interest was notably boosted by Blackrock’s massive inflow of $323.8 million, effectively offsetting Grayscale GBTC’s $299.8 million outflows. Moreover, Ark Invest’s ARKB reported its best day yet, with $200 million in inflows, despite Fidelity experiencing its worst day with a mere $1.5 million in outflows. Nevertheless, Fidelity managed to bounce back with significant inflows of $261 million and $279 million on Monday and Tuesday, respectively.
Yesterday’s ETF flows were positive for $243.5 million.
Blackrock finally woke up again for $323.8 million completely cancelling out $GBTC‘s $299.8 million outflows.
Ark had their best day yet with $200 million. Fidelity had its worst day with $1.5 million.
Price dumped on… pic.twitter.com/LLChkITN7q
— WhalePanda (@WhalePanda) March 28, 2024
1% Down, 99% To Go For Bitcoin ETFs
However, according to Bitwise Chief Investment Officer (CIO) Matt Hougan, this is just the mere beginning of what is to come in the upcoming months. Hougan’s commentary, part of his weekly memo to investment professionals, sheds light on the current market dynamics and the colossal potential that lies ahead. “1% Down; 99% to Go,” Hougan wrote, highlighting the nascent yet promising journey of Bitcoin ETFs.
Lately, the market has been characterized by its volatility, with Bitcoin’s price oscillating between $60,000 and $70,000. Hougan advises a calm and long-term perspective amidst this fluctuation, especially as the sector anticipates the upcoming Bitcoin halving around April 20, the approval of Bitcoin ETFs on national account platforms, and the soon-to-come completion of due diligence by various investment committees.
Despite the current sideways movement of Bitcoin’s price, Hougan remains bullish about its long-term trajectory. “Bitcoin is in a raging bull market,” he asserts, noting a nearly 300% increase over the past 15 months. The launch of spot Bitcoin ETFs in January has marked a significant milestone, opening up the…
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