Bitcoin Exchange-Traded Funds (ETFs) are seeing massive daily inflows thanks to a recent rise in institutional interest. On Friday, April 6th, there was a net inflow of $203 million, making it the fourth day in a row of major growth.
GBTC, Grayscale’s ETF, had the most significant drop in net assets of the main competitors, dropping by $198 million on the same day. Because of the economic slump, an incredible $15.51 billion was taken out of the account.
BlackRock’s iShares Bitcoin Trust, which trades under the ticker IBIT, on the other hand, became the clear winner with an immense $308 million inflow on its first day alone, bringing its total inflows to an impressive $14.77 billion.
Bitcoin’s ETF Surge Amid Market Pause And Recovery
Before this rise in Bitcoin ETFs, the market had a short pause on April 1, when $85.8 million left it, and the price of BTC dropped to $65,000, which caused many traders to sell their positions. But the days of steady amounts of money have helped BTC recover and rise above $67,000.
Since the Securities and Exchange Commission (SEC) approved BTC ETFs earlier this year, institutional purchases have been a clear force behind Bitcoin’s recent market changes.
Experts in the field, such as Anthony Scaramucci of SkyBridge, think that the leading coin could go up even more after its halving later this month.Recent events, like Bitcoin Cash’s (BCH) notable rise of over 10% right after its halving last week, have made the market more optimistic about the halving.
Analysts expect a similar effect on the Bitcoin market, taking comparisons from past data that shows token values went up a lot after halving events. Reports say that BTC prices went up by an average of 3,230% after each of the last three halvings. This made buyers even more excited.
