Bitcoin ETF Frenzy: BlackRock Smashes Expectations With $788 Million Inflows In One Day
06 März 2024 - 8:00PM
NEWSBTC
BlackRock’s Bitcoin ETF, IBIT, achieved a remarkable milestone on
March 5. Attracting a staggering $788 million, it exceeded its
previous record of $612 million in inflows in a single day. This
surge in investment coincided with Bitcoin reaching a new all-time
high (ATH) of $69,300, surpassing its previous ATH set in 2021.
Bitcoin ETF Trading Volumes Reaches Record $10 Billion Shortly
after Bitcoin hit its new milestone, the market experienced a
notable price correction, dropping below $60,000. However, this dip
seemed to entice ETF buyers who saw it as an opportunity to
accumulate Bitcoin at a discounted price. As a result, the
Bitcoin price has quickly recovered and reached the $65,200 level,
positioning itself for further price gains and consolidation above
its ATH. Related Reading: Can DOGE Avoid A Dive? Sell Pressure Puts
Memecoin To The Test According to Bloomberg ETF expert Eric
Balchunas, the ten Bitcoin ETFs traded a staggering $10 billion in
volume on the same day, breaking the previous record set just a
week ago. The expert noted that this surge in trading
activity is not entirely unexpected, as volatility and volume often
go hand in hand with ETFs. Balchunas also highlighted that several
ETFs, including Blackrock’s IBIT, Fidelity (FBTC), Bitwise (BITB),
and Arkham (ARKB), achieved record-breaking trading volumes.
Interestingly, while the Bitcoin ETFs experienced a surge in
inflows, the Grayscale Bitcoin Trust (GBTC) continued its trend of
outflows since the ETFs launched on January 11. Balchunas
noted that GBTC has seen nearly $10 billion in outflows, yet its
total assets under management remain unchanged since its launch.
This phenomenon can be attributed to the bull market subsidy,
wherein investors continue to hold assets despite outflows,
generating revenue for the trust. A Temporary Halt Before Further
Gains? Bitcoin’s recent price action has encountered resistance at
its ATH level of $69,000, signaling a temporary rejection from this
crucial point. This coincides with the activation of the Golden
Ratio Multiplier, the first and only cycle top indicator to have
fired thus far. Related Reading: Fetch.AI (FET) Price Gains Another
15% Following This Big News The Golden Ratio Multiplier, an
indicator often used in technical analysis, has seen its cycle top
band (level 5) rise to $69,099, aligning perfectly with Bitcoin’s
recent peak. However, considering this is the sole indicator
predicting a cycle top, some analysts, including Crypto Con,
believe that a significant market correction may not have occurred
yet. According to Crypto Con, this current phase represents a
temporary resting place for Bitcoin’s early parabolic ascent.
Crypto Con suggests that once Bitcoin breaks through the ATH, it
will begin a new phase characterized by heightened market activity
and potential price gains. Featured image from Shutterstock,
chart from TradingView.com
Fetch (COIN:FETUSD)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Fetch (COIN:FETUSD)
Historical Stock Chart
Von Jul 2023 bis Jul 2024