Key Points
- The total net inflow of Bitcoin ETFs was $91.27M yesterday, according to the latest data from SoSoValue.
- The BTC ETF with the largest net inflow in a single day was BlackRock’s IBIT.
- Bitcoin continues to trade above $70k, 8 days ahead of the halving.
Bitcoin ETFs continue to see significant inflows these days, with the upcoming Bitcoin halving just around the corner.
According to the data coming from SoSoValue, the total net inflow of Bitcoin ETFs yesterday was $91.27 million. The reports show that Grayscale ETF GBTC saw a net outflow of $124 million in a single day, while BlackRock’s Bitcoin ETF, IBIT saw a net inflow of about $192 million in a single day.
CEO and co-founder of Apollo Sats, Julian Fahrer, highlighted the importance of the fact that significant firms from Wall Street and US banks have started purchasing Bitcoin ETFs.
In his post on X, he noted that 13F SEC Filings are showing that US Banks are buying Bitcoin, including the Royal Bank of Canada subsidiary.
https://twitter.com/Julian__Fahrer/status/1778566997066002462
He also highlighted that BlackRock bought 2720 Bitcoin and it now boasts a total holding of 270,000 BTC.
https://twitter.com/thomas_fahrer/status/1778585794527314023
BlackRock’s Larry Fink has been vocal about his enthusiasm for Bitcoin and the coin’s viability for the future. He also said a while ago that their spot Bitcoin ETF product, IBIT, had become the fastest-growing one in history.
Three months after the US SEC approved Bitcoin ETFs, it looks like Hong Kong is following in the same footsteps, getting ready for a potential approval for Bitcoin ETF set for April 15. Earlier today, it’s been revealed that Hong Kong could see an injection of about $25 billion in Bitcoin ETFs after the upcoming approval.
The hype around Bitcoin ETF products is intensifying just ahead of the Bitcoin halving, scheduled for April 20.
Bitcoin maintains a steady price above $70k
At the moment of writing this article, BTC is trading above the important $70k level, down by 0.02% in the past 24 hours on CoinMarketCap.
Bitcoin managed to regain the $70k level following a short dip in price after the results of the CPI report came in a couple of days ago.
Bitcoin has 8 more days until the halving event. The upcoming event has been debated in the crypto community a lot lately, and in a recent interview with Bloomberg, Marathon Digital Holdings Inc. CEO Fred Thiel said that Bitcoin’s halving rally is partially priced in.
Thiel said that he believes that the BTC ETFs approval, which has obviously been a massive success, has attracted capital into the market.
He believes that the inflows have already brought forward “what could have been the price appreciation we typically would have seen three to six months post halving.”
