In recent days, there has been a significant increase in trading and investments in Bitcoin ETFs. Two particular ETFs, those offered by Blackrock and Fidelity, have stood out as particularly favored among investors. As reported by Bloomberg analyst Eric Balchunas, these ETFs have moved up the ranks to join the top 20 with the highest inflows of all time. Remarkably, this surge in demand occurred just prior to Bitcoin‘s halving event, which could be an indicator of a potential bull market.
Bitcoin ETF Rise in Flows
Last week brought some volatility to Bitcoin ETF investing. There were a few days with investors selling off their shares and others buying in. Some began to speculate that the hype surrounding Bitcoin ETFs had waned. However, they were proved wrong as inflows to these funds picked up towards the end of the week, with larger volumes than before.
As more money poured into Bitcoin ETFs, the price of Bitcoin surged past $69,000. Currently, Bitcoin is being traded at $71,913.78, representing a 3.3% rise from the previous day’s same time. The total value of the Bitcoin market stands at approximately $1.4 billion.
Bitcoin ETF See Demand Ahead of Halving
The desire for Bitcoin Exchange-Traded Funds (ETFs) has significantly increased prior to the upcoming halving event. A noticeable surge in investments just before the halving indicates that Bitcoin owners may be accumulating more of the cryptocurrency in preparation for the anticipated code update. Many individuals are maintaining robust Bitcoin portfolios, optimistic about a potential price increase following the halving.
The upcoming Bitcoin halving is driving market players to stockpile Bitcoins and eagerly seek Bitcoin ETFs. Bitcoin big investors, known as whales, have been aggressively buying large quantities of Bitcoin in preparation for the event. Historical trends suggest that the Bitcoin market experiences an imbalance between supply and demand following a halving, which triggers a bull market due to heightened demand and price increase.
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2024-04-08 21:41