On Friday, US-listed Bitcoin ETFs experienced inflows totaling approximately $60 million, indicating a potential rebound from this week’s outflows. Notable contributors to these inflows include BlackRock (IBIT) and Fidelity (FBTC), as investors remain optimistic following the fourth successful Bitcoin halving event.
Spot Bitcoin ETFs Saw $60 Million Inflows
On April 20th, as reported by Bloomberg and Farside Investors, the combined total of funds flowing into bitcoin spot ETFs amounted to $59.7 million. This influx was due to a surge in buying activity for the 11 listed ETFs on that particular Friday. This positive investment trend emerged as the price of Bitcoin started to rebound prior to the upcoming halving event.
The Fidelity Bitcoin ETF (FBTC) experienced nearly twice as much investment as the BlackRock iShares Bitcoin ETF (IBIT) recently. BlackRock recorded an inflow of approximately $29.3 million, marking a significant increase from previous modest inflows. Consequently, their total net inflow surpassed $15.42 billion, while Bitcoin holdings exceeded $17.55 billion.
The Fidelity Bitcoin Exchange-Traded Fund (FBTC) saw an inflow of approximately $54.8 million, while the Ark 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB) experienced inflows of around $12.5 million and $4.9 million respectively.
The daily outflow of funds from Grayscale GBTC decreased to $45.8 million on Friday, down from $90 million the previous day. This brings the total outflows from the Grayscale Bitcoin Trust ETF to approximately $16.7 billion. Grayscale CEO Michael Sonnenshein anticipates that outflows have reached their peak and positive inflows will follow soon, although this has yet to materialize in the market.
Bitcoin Price Consolidates Near $64K
In the past 24 hours, Bitcoin’s price rose approximately 0.5%, reaching a current value of $64,092. The lowest and highest prices during this period were $63,036 and $65,481, respectively. Nevertheless, Bitcoin trading volume has dropped by around 17% since the halving event. Traders are currently treading carefully, waiting for additional indicators before making significant moves.
The most recent assessment indicates a generally optimistic outlook among investors, even with reduced trading activity in both the spot market and futures contracts. This buoyant attitude is mainly driven by apprehensions surrounding the Israel-Iran tensions. According to renowned analyst Skew, for Bitcoin to be considered extremely bullish, it must first surpass the $65,500 to $66,000 price range.
According to data from Coinglass, the open interest for Bitcoin futures and options has decreased slightly in the past 24 hours. The overall futures open interest fell by more than 2% to reach $31.31 billion. There have been conflicting feelings among crypto exchanges recently, leading to this decrease. Specifically, the open interest at CME Bitcoin Futures declined by over 4%, with most of that drop occurring within the last 3 hours.
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2024-04-20 10:29