Bitcoin could soon see a super bullish trend change as institutional BTC inflows resume after bleeding nearly $1 billion last week. The Bitcoin spot exchange-traded funds (ETFs) took in over $15 million on Monday as the crypto climbed above the $70,000 mark.

BTC ETFs Snap Record Net Outflows Streak

After a spell of consistent outflows, U.S.-based spot Bitcoin ETFs finally saw a return of inflows on March 25.

According to data provided by UK-headquartered investment firm Farside, the spot ETFs accumulated 228.97 BTC yesterday, breaking a five-day outflow streak. At the current Bitcoin price, the ETFs received roughly $15.3 million. The dominant crypto is currently valued at $70,267.58 after blasting to $71,419 highs earlier today.

The Fidelity Wise Origin Bitcoin Fund (FBTC) led the pack in this influx, garnering BTC inflows worth $261.8 million on Monday. BlackRock’s iShares Bitcoin Trust (IBIT) collected a commendable $35.5 million, followed by Franklin Templeton’s Franklin Bitcoin ETF (EZBC), which amassed $20.5 million.

Grayscale’s ETF (GBTC) was the obvious outlier, which experienced a single-day net outflow of over $350 million. Last week, the ETFs cumulatively suffered an $887.6 million outflow, thanks to massive withdrawals from GBTC caused by Genesis selling shares as part of its bankruptcy process.

11 spot BTC ETFs launched on the Nasdaq in mid-January, letting traditional investors gain exposure to the world’s oldest and largest crypto while avoiding the hassles of buying and holding the asset themselves. Bitcoin has jumped over 50% since the ETFs made their debut. However, the fervor of these shiny new investment vehicles has somewhat calmed in recent days compared to the full-blown craze seen when they hit the market.

Nonetheless, spot Bitcoin ETFs have seen total assets under management (AUM) skyrocket to $60 billion in roughly ten weeks. It took spot Gold ETFs approximately 15 years to hit the same milestone. This uptick lays the groundwork for Bitcoin’s growth, suggesting the crypto could be on the cusp of a major bullish reversal.

$100,000 Incoming?

At the moment, it remains anyone’s guess whether spot BTC ETF inflows will pick up again in the coming sessions. If more money floods into these funds, reversing last week’s negative impact, the price of Bitcoin will also see an aggressive move higher. 

Prominent crypto analyst-cum-trader Matthew Hyland shared his optimistic view on where Bitcoin might head next. In his post on X, Hyland suggested that BTC’s pathway toward a six-figure price tag is reopening.

“If this turns into the clearing of this final area for Bitcoin then increased likelihood of a run up to $100k is incoming,” the strategist opined.

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Filed under: Bitcoin - @ March 26, 2024 7:17 pm