By NewsBlogger Bitcoin and cryptocurrency markets have been experiencing significant fluctuations and movements in recent days, with various ETFs and funds seeing both inflows and outflows, reflecting the dynamic nature of the cryptocurrency market.
At a glance
- Net inflow of $15.4 million to newly launched spot BTC ETFs on March 25
- Grayscale’s GBTC experienced a $350 million outflow on the same day
- Bitcoin prices surged to $71,000 on March 25
- BlackRock’s IBIT fund received an inflow of $35.5 million
- Bitcoin’s price climbed to over $71,000, marking the highest level in about ten days
The details
Bitcoin and cryptocurrency markets have been experiencing significant fluctuations and movements in recent days, with various ETFs and funds seeing both inflows and outflows.
Overview of Latest Developments
The net aggregate flow of funds to newly launched spot BTC ETFs turned positive on March 25 for the first time since March 15, with a net inflow of $15.4 million reversing a trend of net outflows over the past week.
Grayscale’s GBTC experienced a $350 million outflow on March 25, leading to a total loss of 273,335 BTC since its conversion to a spot ETF in mid-January.
On the other hand, Fidelity’s FBTC fund saw a significant inflow of $262 million, while BlackRock’s IBIT fund received an inflow of $35.5 million.
Bitcoin Price Movements
Both BlackRock and Fidelity have enjoyed 50 consecutive days of inflows.
Bitcoin prices surged to $71,000 on March 25, following a period of recovery after the halving retrace.
Despite the positive momentum, approval odds for spot Ethereum ETFs remain at 25%. However, the chief legal officer of Grayscale believes that ETFs should be approved and sees no significant differences in issues between spot BTC and ETH ETFs.
Bitcoin saw a surge of more than 4.5% to surpass $70,000, reaching an all-time high of $74,000 earlier in the month.
The price movement was attributed to the Bitcoin Investor Day conference and the positive sentiment around the asset.
Robert Mitchnick of BlackRock praised Bitcoin as a good portfolio diversifier, noting its historical correlation with real interest rates and inflation expectations.
However, he cautioned against over-concentration of Bitcoin in a portfolio.
BlackRock’s Bitcoin ETF, IBIT, held over 240,000 BTC as of Friday, underlining the significant demand for the asset among its clients.
The surge in Bitcoin’s price coincided with over $200 million in crypto liquidations, primarily impacting short traders and contributing to the market volatility.
Bitcoin’s price climbed to over $71,000, marking the highest level in about ten days.
Altcoins like Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB) also witnessed gains, with ETH nearing $3,700 and DOGE and SHIB up by 7% each.
Bitcoin experienced a sharp drop to under $61,000 last week amid concerns about US central bank actions but quickly rebounded, surging by approximately $7,000 in a single day after no changes were announced.
BTC continued its upward trajectory, reaching over $71,500 during the Asian trading session and currently trading around $71,000, up more than 6% on the day.
The total market capitalization stands at $1.4 trillion, with BTC dominance over altcoins at 49.5%.
Ethereum gained over 6% in the past 24 hours, surpassing $3,650, while several other altcoins also saw positive movements.
The cumulative market capitalization of all crypto assets has increased by over $150 billion overnight, now exceeding $2.8 trillion on CoinGecko.
These developments reflect the dynamic nature of the cryptocurrency market, characterized by price volatility, institutional interest, and investor sentiment.
As the industry continues to evolve, monitoring key trends and market movements will be crucial for stakeholders and observers alike.
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| cryptopotato.com |
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| – Net aggregate flow of funds to newly launched batch of spot BTC ETFs is positive for the first time since March 15 – March 25 saw a net inflow of $15.4 million, reversing a trend of net outflows over the past week – Bitcoin prices have been recovering following pre-halving retrace – Grayscale’s GBTC saw a $350 million outflow on March 25 – Grayscale has lost 273,335 BTC since its GBTC fund was converted to a spot ETF in mid-January – Fidelity had a $262 million inflow for its FBTC fund – BlackRock had an inflow of $35.5 million for its IBIT fund – BlackRock and Fidelity have had 50 straight days of inflows – Bitcoin prices surged to $71,000 on March 25 – Approval odds for spot Ethereum ETFs remain at 25% – Grayscale chief legal officer believes ETFs should be approved and sees no difference in issues between spot BTC and ETH ETFs |
| cryptopotato.com |
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| – Bitcoin surged by more than 4.5% to above $70,000 on Monday – Bitcoin had reached an all-time high of $74,000 earlier in the month – Until Thursday of last week, Bitcoin traded below $65,000 – There were unusually small inflows to Bitcoin ETF products – There were monstrous outflows from the Grayscale Bitcoin Trust (GBTC) – Bitcoin’s price surged following the Bitcoin Investor Day conference – Robert Mitchnick of BlackRock labeled Bitcoin as a good portfolio diversifier – Mitchnick explained that Bitcoin’s price movements have historically correlated with real interest rates and inflation expectations – Mitchnick stated that Bitcoin is generally not appropriate in large concentration in a portfolio – Bitcoin is unique for its overwhelming demand among BlackRock’s clients – BlackRock’s Bitcoin ETF, IBIT, held over 240,000 BTC as of Friday – Bitcoin’s Monday surge coincided with over $200 million of crypto liquidations – The liquidations mostly impacted short traders. |
| cryptopotato.com |
|---|
| – Bitcoin’s price increased to over $71,000, the highest in about ten days – Altcoins like ETH, DOGE, and SHIB also saw gains, with ETH nearing $3,700 and DOGE and SHIB up by 7% each – Bitcoin plummeted to under $61,000 last week amid fears of US central bank actions, but soared by about seven grand in a day after no changes were announced – Bitcoin retraced almost immediately after the initial increase, falling to $62,500 before recovering to $64,000 – Bitcoin pushed to $67,000 on Monday and continued to climb, reaching over $71,500 during the Asian trading session – BTC currently trades at around $71,000, up more than 6% on the day, with a market capitalization of $1.4 trillion and dominance over alts at 49.5% – Ethereum gained over 6% in the past 24 hours, reaching over $3,650 – Other altcoins like Dogecoin, Shiba Inu, Polkadot, Chainlink, SOL, BNB, XRP, ADA, AVAX, TON also saw gains – Top gainers from the top 100 alts include Bonk (14%), ICP (13%), FET (12%), ALGO (11%), APT (10%), and PEPE (10%) – |
| The cumulative market capitalization of all crypto assets has increased by over $150 billion overnight, now sitting at over $2.8 trillion on CoinGecko |
