Wednesday

Bitcoin ETF

Bitcoin

The volatility&nbsp;<a href="https://coingape.com/blog/bitcoin-price-what-will-be-my-portfolio-if-btc-price-hits-cathie-woods-target-of-3-8-million/" rel="noopener noreferrer nofollow">Bitcoin price</a>&nbsp;faced on Wednesday ignited fresh interest among the whales who have recently been on a remarkable buying spree. After reversing the trend from $60,000 support in the previous week, BTC touched $72,000 this week before temporally faltering below $70,000.
However, due to the fresh round of demand for Bitcoin ETFs and a high-risk appetite among the whales, the price had to trade at $70,500 during US business hours on Thursday.
Bitcoin price remains relatively unchanged, sustaining a 0.22% increase in value in 24 hours. According to&nbsp;<a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/">CoinMarketCap</a>&nbsp;data, a 27% surge in the trading volume to $43 billion highlights growing interest among traders.
<h2 class="p1" id="blackrock-s-btc-etf-accumulation-crosses-the-250k-mark">BlackRock’s BTC ETF Accumulation Crosses The 250K Mark</h2>
After holding the reins as the best-performing BTC ETF product since the approval in January,&nbsp;<a href="https://coingape.com/blackrock-bitcoin-etf-ibit-13-billion-aum-gbtc/" rel="noopener noreferrer nofollow">BlackRock’s</a>&nbsp;IBIT achieved a new milestone, crossing 250,000 BTC, worth approximately $17.6 billion on March 27.
According to the latest data by BitMEX Research, IBIT added 4,702 BTC to the 245,951 BTC assets under management on Wednesday.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 [1/3] Bitcoin ETF Flow – 27 March 2024
 All data in. $243m total net inflow for the day. Record day for Ark and record low day for Fidelity <a href="https://t.co/dLrg6MzWBr" rel="noopener noreferrer nofollow">pic.twitter.com/dLrg6MzWBr</a>
 — BitMEX Research (@BitMEXResearch) <a href="https://twitter.com/BitMEXResearch/status/1773282725371187532?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 28, 2024</a>
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BleckRock’s “IBIT is the fastest-growing ETF in the history of ETFs,” the CEO of the company, Larry Fink told Charlie Gasparino of Fox Business on Wednesday.
Also in the green books is Fidelity’s FBTC ETF, which currently boasts at least 143,000 BTC worth around $10 billion.
As of March 27, Bitcoin ETFs had accumulated a daily total net inflow of $243 billion, bringing the cumulative total net inflow to $11.94 billion, as highlighted by&nbsp;<a rel="noopener noreferrer nofollow" href="https://sosovalue.xyz/assets/etf">SoSoValue</a>.
On the other hand, Grayscale’s GBTC is the only ETF in the red at the time of writing, with a total daily outflow volume of approximately $300 million. To date, the cumulative net outflow volume has reached $14.66 billion.
<figure id="attachment_188478" aria-describedby="caption-attachment-188478" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-188478" src="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-28-at-15.44.00.png" alt="Total Bitcoin Spot ETF Net Inflow | SoSoValue" width="2416" height="976" srcset="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-28-at-15.44.00.png 2416w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-28-at-15.44.00-300x121.png 300w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-28-at-15.44.00-1224x494.png 1224w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-28-at-15.44.00-768x310.png 768w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-28-at-15.44.00-1536x621.png 1536w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-28-at-15.44.00-2048x827.png 2048w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-28-at-15.44.00-150x61.png 150w" sizes="(max-width: 2416px) 100vw, 2416px">
 <figcaption id="caption-attachment-188478" class="wp-caption-text">
 Total Bitcoin Spot ETF Net Inflow | SoSoValue
 </figcaption>
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<h2 class="p1" id="bitcoin-price-analysis-can-bitcoin-hit-new-ath-pre-halving">Bitcoin Price Analysis: Can Bitcoin Hit New ATH Pre-Halving</h2>
<a href="https://coingape.com/markets/top-4-expert-altcoin-picks-to-make-100000-after-bitcoin-halving/" rel="noopener noreferrer nofollow">Bitcoin halving</a>&nbsp;is due in April and is already hyping institutional and retail investors to book their positions early. While prices tumbled in March, whales focused on amassing more BTC.
Blockchain data analytics company Santiment highlighted on X Bitcoin’s third biggest transaction over two weeks of 15,411.92 on Wednesday. Although commendably large, it pales in comparison to 87,051.03 BTC — the transaction on March 22 and 78,317.03 BTC at the time Bitcoin slumped to $60,000.
On-chain data suggested that “key stakeholder dip buys” supported the recovery witnessed since late last week.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f433.png" alt="🐳" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f62f.png" alt="😯" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>'s third largest transaction in the past two weeks (15,411.92 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>) happened 13 hours ago. However, this was realatively tiny compared to the pair of massive transactions that occurred on March 22nd (87,051.03 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> and 78,317.03 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>) during the asset's price dip to… <a href="https://t.co/HkLoUFkF2T" rel="noopener noreferrer nofollow">pic.twitter.com/HkLoUFkF2T</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1772783138433044974?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 27, 2024</a>
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With the halving approximately three weeks away, Santiment reckons that Bitcoin’s “whales accumulating big this week.” With the subsequent growth in the perpetual contract funding rate, Bitcoin can be said to be well-positioned to rally to new highs pre-halving.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> traders normally hope that <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> and other assets carve their own market performance path, without reliance on <a href="https://twitter.com/hashtag/equities?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#equities</a> or other sectors. But for a change, the crowd has been suggesting that the strong <a href="https://twitter.com/hashtag/AllTimeHigh?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#AllTimeHigh</a> levels from the <a href="https://twitter.com/hashtag/SP500?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SP500</a> and <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#gold</a> are creating a… <a href="https://t.co/BfzzN3W9k5" rel="noopener noreferrer nofollow">pic.twitter.com/BfzzN3W9k5</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1773093178318696887?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 27, 2024</a>
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Based on the four-hour chart, BTC price is ready to hit new record highs this week. The Moving Average Convergence Divergence (MACD) indicator may present a buy signal within the coming few sessions, further accentuating the bullish outlook.
<figure id="attachment_188477" aria-describedby="caption-attachment-188477" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-188477" src="https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-28_16-18-09.png" alt="Bitcoin price analysis chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-28_16-18-09.png 2694w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-28_16-18-09-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-28_16-18-09-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-28_16-18-09-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-28_16-18-09-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-28_16-18-09-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-28_16-18-09-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-188477" class="wp-caption-text">
 Bitcoin price analysis chart | Tradingview
 </figcaption>
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Several four-hour candle closes above the descending trendline resistance in black are required to affirm the bullish grip. The above buy signal would call more buyers into the market as the blue MACD line flips above the red signal line.
Seller congestion is also anticipated in the red zone on the chart. After its obliteration, which is possibly considering the rise in demand for BTC and the halving, nothing might be able to stop Bitcoin price from hitting highs at $73,805 to open the door for further gains toward the $80,000 milestone.
On the downside, sliding below the trendline support would mean a fresh round of profit-taking resulting in dips below $70,000. However, with investors constantly increasing their risk appetite, dips could flip up quickly and build momentum for the next major move to $80,000.
The post <a href="https://coingape.com/markets/bitcoin-price-can-blackrocks-250k-btc-etf-accumulation-shape-new-pre-halving-rally/" rel="noopener noreferrer nofollow">Bitcoin Price: Can BlackRock’s 250K BTC ETF Accumulation Shape New Pre-Halving Rally?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price: Can BlackRock’s 250K BTC ETF Accumulation Shape New Pre-Halving Rally?

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