Key Points
- Bitcoin continues to trade in the green, above the $70k level.
- BTC is close to hitting a record of 7 consecutive months in the green just ahead of the halving event scheduled for April.
- The price volatility continues to remain strong as Wall Street embraces BTC ETFs with surging interest.
The price of Bitcoin continues to remain above the important $70k levels, and at the moment of writing this article, BTC is trading at approximately $71,300 on CoinMarketCap, up by over 13% in the past seven days.
The Bitcoin monthly returns are also looking great, and the most important digital asset in the crypto market is now on its way to closing a record-breaking 7th consecutive month in the green.
Bitcoin is ahead of the halving event, a price catalyst for the coin.
The recent Bitcoin whale activity indicates the fact that the pre-halving race is far from over.
Bitcoin has achieved an impressive milestone by surpassing the $71,000 mark, which hasn’t happened since March 15.
This surge has been driven by the inflow of capital into spot BTC ETFs. There are several factors behind the current price movement of Bitcoin, including steady inflows into spot Bitcoin ETFs, anticipation of the upcoming Bitcoin halving event, and positive investor sentiment among institutional investors.
Wall Street interest in spot BTC ETFs is on the rise
Bitcoin’s trajectory is definitely on an irreversible path toward becoming an integral part of the financial landscape. This has been driven by more than simply its supply-demand dynamics, with important names such as BlackRock, Fidelity, and more embracing the BTC ETFs frenzy.
Yesterday marked a significant day for spot Bitcoin ETFs in the US, as they saw a substantial return of inflows. The net inflow was recorded at $418 million, the highest in a fortnight.
As recently noted by CNBC, BlackRock says Bitcoin returns are likely to come down now that it has been embraced by Wall Street.
At the beginning of this week, following five consecutive days of outflows, spot Bitcoin ETFs recorded a net inflow on Monday. Spot Bitcoin ETFs saw a five-day streak of outflows, witnessing a high net inflow.
Fidelity’s FBTC saw approximately $261 million in net inflows in a single day, while BlackRock’s IBIT reported an inflow of around $35.5 million.
Bitcoin’s price continues to trade around $71,000 as Wall Street’s embrace of BTC ETFs mirrors a mainstream acceptance of Bitcoin’s legitimacy.
The full impact of the BTC ETFs on the market dynamics has yet to be seen, but we can definitely predict a gradual uptick in Bitcoin allocation by more companies.