Bitcoin ETFs Saw $520M Inflows Amid $60K BTC Rally

There have been a surge in spot Bitcoin ETFs with a $520 million inflow, propelled by bullish sentiment driving BTC price beyond $57k.

This week was a successful one for spot Bitcoin ETFs, as they recorded a significant inflow of $520 million on Monday.

The enormous influx of funds directly resulted from bulls becoming extremely positive on Bitcoin, causing the price to surge beyond $57,000.

Bitcoin ETFs Records $520 Million Net Inflow

According to a previous report by coinxposure, a supply shock that occurs before the halving of Bitcoin will result the cryptocurrency to surpass $55,000.

According to data provided by Farside, the net inflow for exchange-traded funds (ETF) that invest in spot Bitcoin was $520 million on February 26.

Most of the nine spot Bitcoin ETFs experienced significant inflows with Grayscale’s GBTC seeing decrease in the amount of Bitcoin withdrawn from the fund, reflecting strong optimistic sentiment among individual and institutional investors.

With a net inflow of $6 billion, BlackRock (IBIT) reported a record inflow of $111.8 million greater than any previous record. The BlackRock Bitcoin ETF now holds nearly seven billion dollars worth of assets.

The Fidelity Bitcoin Exchange-Traded Fund, on the other hand, was the highlight of the day. Bitcoin ETFs offered by Fidelity (FBTC) and Ark 21Shares (ARKB) each received $243.3 million and $130.6 million, respectively.

In addition, Bitwise (BITB), VanEck (HODL) and other cryptocurrencies had significant inflows due to the bullish mood. GBTC experienced a $22.4 million outflow, which increased from Friday’s outflow of 51.8 million but remained consistent with the range seen the previous week.

James Seyffart, an analyst for Bloomberg ETFs, pointed out that this is the lowest outflow ever recorded for the fund. Within less than 30 minutes, the record volume of $3.84 billion and net inflows smashed through $55,000 and surpassed $57,000.

Bitcoin Price Surges Pass $57,000

Because the Crypto Fear and Greed Index once again reached 79 (extreme greed) on Monday, it has reached its highest point since Sunday, when it reached 72.

Now traders’ interest in Bitcoin is at an all-time high, making it a crucial juncture. Experts predicted that the price of bitcoin would reach $60,000.

Before the halving of bitcoin, the announcement made by MicroStrategy earlier this month about the purchase of around 3,000 more tokens, an upward trend occurred.

The company’s total Bitcoin holdings have now reached 193,000 as a result of this most recent purchase.The BTC price rose to a market value as high as $57,250, hitting within 19.9% of the $68.6K high from 27 months ago.

This represents a significant increase from the previous high. It is trading at $56,325, an increase of more than 10% in the past 24 hours.

A 24-hour low of $50,931 and a high of $56,728 are, respectively, the best and worst prices. Additionally, trading volume has surged by a staggering 230% in the past 24 hours, which might indicate an increase in interest among traders.