Throughout the week starting April 1, Spot Bitcoin ETFs witnessed a dip and rebound frenzy. These ETFs recorded a total weekly inflow of over $7 484 million despite the first day being negative. However, despite the rebound, the Bitcoin ETF inflows have halved compared to last week’s strong influx. Nonetheless, the rebound is impressive and could also catalyze a recovery in the BTC price.
Spot Bitcoin ETF Weekly Flows
The week began with a collective net outflow of $85.84 million on Monday, April 1. Notably, Grayscale’s GBTC recorded a significant net outflow of $302 million. Meanwhile, BlackRock’s IBIT saw a contrasting net inflow of $165 million. Fidelity’s FBTC also experienced a net inflow of $43.99 million.
It resulted in a total net outflow of $85.7 million form these ETFs. Despite these fluctuations, cumulative net inflows for Spot Bitcoin ETFs reached an impressive $12.04 billion at the time. Moreover, this underlines sustained investor interest in this asset class.
However, the market sentiment shifted on Tuesday, April 2, as Spot Bitcoin ETFs experienced total net inflows amounting to $39.47 million. This shift was marked by GBTC’s single-day net outflow of $81.86 million, countered by IBIT’s net inflow of $150 million and FBTC’s net inflow of $44.77 million.
Furthermore, on Wednesday, April 3, these ETFs saw a decrease in outflows from Grayscale’s GBTC, with total outflows dropping to $75 million. BlackRock’s IBIT made a notable purchase of $42 million. Additionally, FBTC recorded a significant purchase of $117 million. Moreover, it signals heightened investor interest and contributed to a total inflow of $113 million across all Bitcoin ETFs.
On Thursday, April 4, further positivity was witnessed with Bitcoin ETFs registering a cumulative net inflow of $213 million. This marked the third consecutive day of net inflows, suggesting a resurgence in investor demand following a previous dip. The uptick in inflows right before the halving indicated strategic accumulation of BTC holdings by investors.
The week concluded on Friday, April 5, with a consistency in ETF flows, totaling a net inflow of $203 million. Notably, BlackRock led with $308.8 million in inflows, followed by Fidelity with $83 million. However, GBTC continued to experience outflows of $198.9 million, even after the completion of Genesis liquidation.
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Bitcoin Price Recovery
Amid the rebound in Bitcoin ETF flows, the BTC price also gained momentum and surged beyond $69,000. At press time, the Bitcoin price was up by 2.10% to $69,362.43 on Sunday, April 7. In contrast, the trading volume for the crypto slumped 33.09% to $19.97 billion.
Meanwhile, the BTC market cap stood at $1.36 billion. During the price rebound, Bitcoin witnessed massive short liquidations as these traders bought back their positions to mitigate potential losses. This could lead to a short squeeze, leading to a further hike in the Bitcoin price before an eventual slump.
According to Coinglass, BTC witnessed $24.61 million short liquidations out of the total amount of $28.38 million in the past 24 hours. Michaël van de Poppe, a popular crypto analyst, recently predicted that if BTC breaks above $69,000, it could test new a all-time high.
However, he expressed skeptimism toward the same and signalled at consolidation in the BTC price. Poppe concluded the post on X by writing, “But to be honest, I think most upside is skewed already pre-halving and consolidation is next.”
Also Read: Costa Rica Resumes Debate On Allowing Bitcoin As Money For Daily Use
Source: Bitcoin ETF Regain Momentum With $484M Inflows, What’s Next For BTC Price?
