On March 17, a significant inflow of $274.6 million was recorded in Bitcoin ETFs, marking the largest daily increase since February 4.
Record Inflow in Bitcoin ETFs
On March 17, Bitcoin ETFs saw a significant inflow of $274.6 million. This was driven by impressive figures from Fidelity’s FBTC ($127.3 million), ARKB ($88.5 million), BlackRock’s IBIT ($42.3 million), Grayscale’s Bitcoin Fund ($14.2 million), and Bitwise’s BITB ($2.3 million).
Bitcoin Price Dynamics
Currently, Bitcoin is trading around $82,883, down by just over 1%. The 20-day exponential moving average at $85,559 remains a dynamic resistance level that Bitcoin struggles to overcome. If the price rises above $85,500, a move towards $88,000 – $90,000 could be in store.
Long-term Market Prospects
Despite recent declines, the overall trend remains bullish, and the $274.6 million inflow may signal renewed institutional interest. Chart patterns like the 'cup and handle' and 'bullish flag' suggest the potential for growth towards $125,000 in the coming months.
The inflow into Bitcoin ETFs on March 17 may indicate renewed investor confidence following a period of substantial outflows.
