The Spot Bitcoin ETF market is currently on a positive trend after a second consecutive day of positive inflows.
Notably, $217 million was recorded as the total inflows in the past two days which is an impressive recovery.
This recovery comes after a slump for ETFs in mid-March when outflows exceeded inflows. ALSO READ:Elon Musk Updates X Platform With New Grok AI
Impressively, Grayscale Bitcoin Trust (GBTC) a top ETF provider has attracted an inflow of $3.9 million.
US Bitcoin ETFs Rebound After Massive Inflows
This positive trend for GBTC implies that selling pressure has reduced and outflows will likely decline.
Also, BlackRock’s IBIT recorded inflows for the second consecutive day. This comes after it recorded zero net inflows on six of the last seven days. However, IBIT recorded $21.5 million in inflows based on this recovery.
Additionally, Fidelity another ETF provider recorded the most inflows with $99.2 million. Also, other ETF providers such as ARK and Bitwise recorded inflows. ARK saw an impressive inflow of $75.6 million confirming renewed investor interest.
Source: X
Reacting to this development, Bloomberg ETF specialist Eric Balchunas applauded the development. According to Balchunas, this is the first time that all the ETFs are in the green and not losing.
Also, he noted that despite the recent dip in the ETF performance, over 95% of investors still held their positions.
So, he believes that there will eventually be outflows but the majority of investors will continue to hold their ETFs.
Meanwhile, a 13F filing reveals that Hightower a $130 billion asset manager bought $68 million worth of spot Bitcoin ETFs.
Notably, the CEO of Bitwise, Hunter Horsley reacted positively to the news of Hightower’s investment.
According to Horsley, Hightower is one of the largest firms in the country that is highly admired. Therefore, 2024 will likely be the year when more top firms embrace Bitcoin investments.
The expanding investment in Bitcoin by financial institutions confirms its rising status as a global financial asset.
How is Bitcoin Faring Today?
BTC/USD Daily Chart | Source: Tradingview.com
BTC has found support at the $62,705 price level preventing a decline to $60,000 after the sellers forced a decline.
Also, Bitcoin faces rejection at the $64,663 price level as the buyers attempt to resume the rally. Notably, BTC is still trading above the median band of the Donchian Channel (DC) despite the bearish pressure.
This implies that the buyers are beginning to rally again which is a positive signal for buyers.
Also, the RSI indicator is rising from the neutral zone with a value of 48.69. If the RSI rises above 50, then Bitcoin will likely move into an uptrend in the coming days.
So, BTC will likely break above the $64,663 resistance level in the coming days based on its recent performance.