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We have been saying for days that the rapid increase in Bitcoin price is fundamentally supported by ETF volumes. BTC climbed up to $64,000. The leading factors that will affect the weekend market performance are volume data. If strong demand continues, the appetite for risk in the markets may keep increasing. Especially for altcoins, we need to see a good weekly close in ETFs today for quick rallies to occur.
Spot Bitcoin ETF Reserves
ETF issuers’ reserves continue to grow, and BlackRock has accumulated over $10 billion in assets with the net inflows since its launch day in January. More importantly, this is just one of the nine traded ETFs, and it has only been 39 days since the launch.
It is rare in history for a single ETF to gather $10 billion in less than two months. In traditional markets, it can take some ETFs two to three years to reach an asset size of $10 billion. This shows that the appetite for Bitcoin is indeed not exaggerated and that BlackRock knows what it is doing.
The table above shows the reserve changes from the launch date to March 1st. BlackRock has been adding over 9,000 BTC to its reserves for three days. Excluding GBTC, the total size of the reserves has exceeded 340,000 BTC, and the cumulative reserve size is nearing the 780,000 BTC limit.
To date, the net inflow is 156,435 BTC. Despite sales of GBTC, the total reserve size of all Bitcoin ETFs has reached $9.69 billion at the current exchange rate. A significant portion of this occurred during the week we are in, and we might see the largest net inflow of all time in the CoinShares report coming on Monday.
ETF Volumes
Individuals investing through the Spot Bitcoin ETF channel have accumulated more assets in just 39 days than Michael Saylor’s company MicroStrategy. In an environment where we see daily demand up to 40-50 times the miner issuance, a real supply shortage is forming. With the halving, we should see this story become even more perfect.
Above, you see the volume data at the time this article was prepared. Even by looking at just BlackRock‘s data, we can say we are far from the daily volume record of over 7 billion. Although there are still a few hours left until the market closes, IBIT reaching a volume of 664 million dollars shows the slowdown here. Tomorrow, with the easing of volumes, we might see surprise profit-taking. However, BTC must first drop below $58,000, after which sales in altcoins will start. Or will the bulls, considering the weekly performance, trigger mini altcoin rallies?
