The surge in prices of Bitcoin has caught the attention of whales, with significant activity observed on Wednesday. Following a reversal in trend from the $60,000 support level last week, Bitcoin touched $72,000 this week before a minor dip below $70,000.
Current Status of Bitcoin Exchange-Traded Funds (ETFs)
The interest in Bitcoin ETFs and the appetite for high-risk investments among whales have led to the current price of around $70,500 on Thursday. At the moment, Bitcoin's price remains stable, showing a 0.22% increase over the past 24 hours. The trading volume has seen a substantial 27% increase to $43 billion, indicating the growing interest among investors.
Analysis of Bitcoin ETFs
Fidelity's FBTC ETF, holding a minimum of 143,000 BTC valued at around $10 billion, is actively involved in the market. As of March 27, Bitcoin ETFs have recorded a daily total net inflow of $243 billion, bringing the cumulative total net inflow to $11.94 billion, as reported by SoSoValue. On the contrary, Grayscale's GBTC is the sole ETF experiencing a daily total outflow volume of approximately $300 million. The cumulative net outflow volume has now reached $14.66 billion.
The upcoming Bitcoin halving in April has already prompted institutional and individual investors to take early positions. During March, as prices dropped, whales focused on acquiring more BTC. Santiment, a cryptocurrency analytics firm, highlighted a transaction of 15,411.92 BTC on Wednesday, which ranked as the third-largest over a two-week period. Given the halving in approximately three weeks, Santiment suggests that Bitcoin's whales have been actively accumulating this week. With the subsequent rise in perpetual contract funding rates, Bitcoin seems poised for new highs in anticipation of the halving.
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