Gemini

Bitcoin ETF

Bitcoin

<ul>
 <li>Bitcoin’s price soared to $71,162 amid the net inflows into ETFs.</li>
 <li>Fidelity’s FBTC Bitcoin ETF attracted significant inflows of $261M, outpacing BlackRock’s IBIT of $35.5M</li>
</ul>
Bitcoin (BTC) <a href="https://thenewscrypto.com/bitcoin-reserves-on-exchanges-hit-record-low-amid-accumulation-surge/" target="_blank" rel="noopener noreferrer nofollow">surged past</a> the $71,000 mark, marking a strong start to the week following a brief dip in prices last week. The renewed bullish sentiment has been fueled by increased investor interest, with net inflows into Bitcoin exchange-traded funds (ETFs) again turning positive.
According to Spot on Chain’s report, the total inflow of <a href="https://thenewscrypto.com/london-stock-exchange-to-accept-applications-for-bitcoin-etn-listing/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> stood at $15.4 million as of March 25th. Further, among the nine-spot Bitcoin ETFs, Fidelity’s FBTC Bitcoin ETF stole the spotlight, attracting $261 million in inflows on Monday. This marked a significant increase compared to BlackRock’s IBIT, which saw $35 million in inflows during the same period.
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="680" height="397" src="https://thenewscrypto.com/wp-content/uploads/2024/03/image-174.png" alt="" class="wp-image-94628" srcset="https://thenewscrypto.com/wp-content/uploads/2024/03/image-174.png 680w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-174-300x175.png 300w" sizes="(max-width: 680px) 100vw, 680px">
 <figcaption class="wp-element-caption">Bitcoin ETF Inflow (Source: <a href="https://twitter.com/spotonchain/status/1772474643711950990?s=20" target="_blank" rel="noopener noreferrer nofollow">Spot on Chain</a>)
 </figcaption>
 </figure>
</div>
Despite the positive momentum in ETF inflows, Grayscale’s Bitcoin Trust (GBTC) continued to experience significant outflows, totaling $350 million on Monday. Bloomberg strategist James Seyffart suggests recent outflows from Bitcoin investments may be tied to bankruptcy, especially with Gemini and Genesis selling around 68 million shares of $GBTC. Seyffart expects this trend to slow down in the coming week.
Still, if the current trend persists, there is speculation that BlackRock’s and Fidelity’s ETF may surpass <a href="https://thenewscrypto.com/will-blackrocks-bitcoin-etf-ever-overtake-grayscales-holdings/" target="_blank" rel="noopener noreferrer nofollow">Grayscale’s GBTC</a> by mid-April, which may set different trends in the cryptocurrency investment space.
At the time of writing, BTC is trading at $70,368 with a market cap of $1.38 trillion, reflecting a 5.3% increase. Following this positive momentum, high-profile figures like Rich Dad Poor Dad author Robert Kiyosaki have started making Bitcoin price predictions. Kiyosaki now foresees the cryptocurrency reaching $100K by September.

Bitcoin Surges Over $70,000 on Back of Rising ETF Inflows

TheNewsCrypto

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