Bitcoin ETFs Experience Week of Fluctuations and Rebound Amid Price Surge
During the first week of April, there was significant activity in Spot Bitcoin ETFs, with fluctuations followed by a rebound.
Despite a weak start, these ETFs attracted over $7.484 billion in inflows for the week, although this marked a decrease compared to the previous week. Notably, Grayscale’s GBTC saw a major outflow, while BlackRock’s IBIT and Fidelity’s FBTC experienced inflows.
Throughout the week, there were fluctuations in ETF flows, with notable inflows on Tuesday and Thursday. Despite some outflows, cumulative inflows for Spot Bitcoin ETFs remained impressive, indicating ongoing investor interest.
By the end of the week, there was a consistent inflow of funds into Bitcoin ETFs, particularly led by BlackRock.
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However, GBTC continued to experience outflows. The rebound in ETF flows coincided with a surge in the price of Bitcoin, which surpassed $69,000.
This increase in Bitcoin price led to significant short liquidations as traders sought to mitigate losses, potentially leading to further price hikes.
Analysts suggest that if Bitcoin breaks above $69,000, it could reach new all-time highs, although some anticipate consolidation in the near future.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
