Bitcoin (BTC) prices have sparked a new interest among whales following significant activity on Wednesday. Last week, BTC reversed its trend from the $60,000 support level and touched $72,000 this week before temporarily dipping below $70,000.
Current State of Bitcoin ETFs
However, due to new demand for Bitcoin ETFs and high-risk appetite among whales, the price is trading around $70,500 on Thursday. At the time of writing, Bitcoin’s price is stable with a 0.22% increase over 24 hours. According to CoinMarketCap, a 27% increase in trading volume to $43 billion underscores the growing interest among investors.
Analytics Reports on BTC ETFs
Fidelity’s FBTC ETF, which currently holds at least 143,000 BTC worth approximately $10 billion, is also in the picture. As of March 27, Bitcoin ETFs have achieved a daily total net inflow of $243 billion, raising the cumulative total net inflow to $11.94 billion, as highlighted by SoSoValue. On the other hand, Grayscale’s GBTC is the only ETF at the time of writing, with a daily total outflow volume of about $300 million. To date, the cumulative net outflow volume has reached $14.66 billion.
Bitcoin halving is expected to occur in April, already encouraging institutional and individual investors to position themselves early. In March, as prices fell, whales focused on accumulating more BTC. Cryptocurrency analytics firm Santiment drew attention on Wednesday to a transaction of 15,411.92 BTC, which was the third-largest over two weeks. With the halving approximately three weeks away, Santiment believes that Bitcoin’s “whales have been accumulating heavily this week.” Coupled with subsequent growth in perpetual contract funding rates, it can be said that Bitcoin is well-positioned for new highs ahead of the halving.
