ETF based in the USA (stock exchange funds) have had a negative range of capital outflows over the past few weeks, reflecting the decreasing appetite and deteriorating moods among investors. However, the latest daily results of these cryptocurrency financial products suggest that fresh demand may raise among investors.
Bitcoin ETFS Close a positive week with $ 83 million net inflow
According to Latest market dataETF Bitcoin in the United States continued the sizzling street of the influx of capital, registering on Friday, March 21, a daily net influx of USD 83.09 million. This fresh influx of capital meant the sixth day of everyday net influx for cryptocurrency products.
On Friday, only two ETF Bitcoin witnessed any form of investor’s activity. Blackrock noticed the highest value (USD 104.99 million) added to the Ishares Bitcoin Trust (with Ticker IBIT) stock exchange fund; While Grayscale Bitcoin Trust (GBTC) has published a daily net outflow of $ 21.9 million to close the week.
Nevertheless, this results in the amount of USD 83.09 million brought an weekly ETFS Bitcoin ETFS record to a stunning 744.35 million weekly total net influx. Interestingly, this record from the previous week ended five consecutive weeks of total net outflows from current funds.
Source: SoSoValue
Data from Sosovalue show that the ETF market in the US was witnessed to a total payment of $ 5.39 billion in these five weeks of negative drains. In particular, cryptocurrency -based financial products witnessed the daily total net outflow worth over $ 1.14 billion on February 25.
The size of the outflows observed by ETF Bitcoin was associated with the uncertain climate of financial markets in the USA. Since the resumption of the office of the President of the United States, Donald Trump was harassed by fear of a global trade war, interest rate decisions and so on.
Bitcoins price is not anactive for ETF inflows
Since they were launched, there has been a discussion on the impact of Bitcoin ETFS results at the price of the flagship cryptocurrency. As you can see in the last weeks of net outflows, the price of Bitcoins tends to fight when ETF investors are leaving the market.
However, the most vital cryptocurrency seems to get stuck in consolidation despite the fresh demand for ETF from Bitcoin USA. However, enduring demand for funds with the stock exchange can be a positive catalyst for Bitcoin prices to resume upward trend.
In this letter, the price of BTC floats around USD 84,000, which reflects any significant changes in the last 24 hours. According to data, Coingecko market leader has barely registered any significant movements over the past week.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
A distinguished picture from Shutterstock, Chart from TradingView
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