The U.S. Spot Bitcoin ETF has witnessed a remarkable surge in weekly inflows, hitting a staggering $2.5 billion by the end of March 15. This resurgence in institutional interest signals a revival of confidence among Wall Street players toward the cryptocurrency market.
However, as the market braces for the Federal Open Market Committee (FOMC), concerns loom over a potential correction in Bitcoin’s price amid recent volatility.
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Bitcoin ETF Inflow Soars Signaling Wall Street Interest
According to Farside Investors’ data, the U.S. Spot Bitcoin ETF recorded a substantial inflow of $198.8 million on March 15, marking a notable increase from the previous day’s $132.7 million. Fidelity’s FBTC also demonstrated a remarkable surge, surpassing BlackRock’s IBIT with an influx of $155.6 million on the same day, compared to a mere $13.7 million on March 14.
Notably, BlackRock’s IBIT saw a decrease to $139.8 million on Friday from $345.4 million the prior day. In contrast, Grayscale’s GBTC outflow cooled to $139.4 million on Friday, from $257.1 million outflux on Thursday.
Meanwhile, the week saw robust inflows, particularly in the initial three days, propelling the total weekly inflows to an impressive $2.56 billion. Analysts attribute this surge to the recent rally in Bitcoin, which soared to new all-time highs, garnering heightened institutional interest in the flagship cryptocurrency.
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Despite the positive momentum, investors are treading cautiously ahead of the pivotal FOMC decision next week. With market participants eagerly awaiting the committee’s decision, anticipation looms over the Fed’s stance on potential rate hikes amid persistently high inflation figures.
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Optimism & Concerns Amid Market Volatility
The recent Consumer Price Index (CPI) and Producer Price Index (PPI) data revealing hotter-than-expected inflation have weighed on investor sentiment, prompting a more guarded approach amidst market uncertainties. Considering that, several market analysts are anticipating volatile trading ahead of the FOMC decision next week.
However, despite the market’s short-term fluctuations, Bitcoin has shown resilience, reclaiming momentum and surging past the $70,000 mark within the last 24 hours. Analysts remain optimistic about the cryptocurrency’s future performance, buoyed by anticipation surrounding the upcoming Bitcoin Halving event.
While historical trends suggest a robust rally in Bitcoin’s price following halving events, investors remain cognizant of inherent uncertainties. Nevertheless, the prevailing sentiment underscores a prevailing optimism towards Bitcoin’s long-term trajectory.
As of writing, the Bitcoin price was up 1.84% to $69,042.30, while its trading volume fell 18.28% to $61.70 billion. Over the last 24 hours, the BTC price has touched a high of $70,557.61 and a low of $65,630.69.
Also Read: Bitcoin SOPR Data Shows Major BTC Price Consolidation for March
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- Bitcoin (BTC) Price
- Bitcoin ETF
- BTC price
- FOMC Meeting
- Trending
- Price Analysis
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- About author
- Disclaimer
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam's expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam's journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
