Recent data indicates a significant uptick in net inflows into Bitcoin spot exchange-traded funds (ETFs) on March 15th, signaling heightened investor interest amidst market fluctuations.
On March 15th, the total net inflow of Bitcoin spot ETFs was $198 million. Grayscale ETF GBTC had a net outflow of $139 million for the day. The Bitcoin spot ETF with the highest net inflow for the day was Fidelity's ETF FBTC, with a net inflow of approximately $155 million.… pic.twitter.com/5Rh3KznqCf
— Wu Blockchain (@WuBlockchain) March 16, 2024
Total net inflow for Bitcoin spot ETFs reached $198 million on the aforementioned day, marking a substantial increase from previous levels.
Notably, Grayscale’s Bitcoin Trust (GBTC) experienced a net outflow of $139 million, contrasting with Fidelity’s ETF FBTC, which recorded the highest net inflow of approximately $155 million.
🚨 $BTC #ETF Net Inflow Mar 15, 2024: +$199M
• The net inflow increased by 49.6% compared to the previous day.
• The cumulative total net inflow after 45 trading days is $12.16B.
Follow @spotonchain and check out the latest updates via https://t.co/Gmr9IHr6sO https://t.co/SiJyoX0YZP pic.twitter.com/Ao2UfKSWQb
— Spot On Chain (@spotonchain) March 16, 2024
FBTC’s total historical net inflow now stands at an impressive $6.87 billion, reflecting sustained investor confidence in the cryptocurrency market.
The surge in net inflows represents a notable 49.6% increase compared to the preceding day, underscoring growing investor appetite for Bitcoin-related investment vehicles despite ongoing market volatility.
Meanwhile, on-chain reports highlight significant activity by a whale following a recent downturn in Bitcoin’s price. The whale withdrew 800 BTC ($57.24 million) from Kraken, continuing a trend that has seen withdrawals totaling 13,240 BTC ($909 million) since March 1st.
After the $BTC price dropped, the whale withdrew 800 $BTC($57.24M) from #Kraken again.
The whale has withdrawn 13,240 $BTC($909M) from #Kraken since Mar 1.https://t.co/4Hd54e1CmA pic.twitter.com/IllPcyraGQ
— Lookonchain (@lookonchain) March 15, 2024
Bitcoin Now Tops Investor’s Portfolios, Surpassing Gold
Bitcoin’s price exhibited slight recovery to $70K before retreating to its current value of $67.9K at the time of reporting.
In a noteworthy development, Bitcoin has surpassed gold in investor portfolios, according to reports from JPMorgan. Adjusted for volatility, Bitcoin allocation is reported to be 3.7 times greater than that of gold, indicating a shift in investor sentiment towards digital assets.
#Bitcoin surpasses gold in investor portfolios! @JPMorgan reports $BTC allocation 3.7 times greater than gold when adjusted for volatility. pic.twitter.com/HDfBuiRc3S
— Cointelegraph (@Cointelegraph) March 15, 2024
Furthermore, JPM Securities predicts substantial growth in the spot Bitcoin ETFs market, projecting a potential market size of up to $220 billion within the next two to three years. This forecast reflects the increasing institutional adoption and mainstream acceptance of Bitcoin as a legitimate investment asset.
Overall, the surge in Bitcoin ETF net inflows, coupled with ongoing institutional interest and market forecasts, suggests continued momentum and potential for further growth in the cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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