Fidelity Bitcoin ETF Hits $400 Million Record Inflows

Fidelity Bitcoin ETF Sees Over $400 Million in Record Inflows

Fidelity Bitcoin ETF Sees Over $400 Million in Record Inflows

The surge in Bitcoin’s price alongside the increasing inflows into the newly created spot Bitcoin ETFs, notably the Fidelity Bitcoin ETF.

At the same time that the price of Bitcoin (BTC) is climbing to its new all-time high, the newly created spot Bitcoin exchange-traded funds (ETFs) are continuing to reach new milestones with fresh inflows.

Fidelity Bitcoin ETF Records Milestone

The Fidelity Bitcoin ETF experienced its greatest single-day inflows ever recorded on Monday, March 4, with a whopping $404 million going into the fund.

Inflows into Bitcoin exchange-traded funds (ETFs) increased on Monday, March 4, after slowing down the previous week. Fidelity Bitcoin ETF and BlackRock each received more than $400 million in inflows, bringing the total amount of money invested in Bitcoin exchange-traded funds (ETFs) to a remarkable $588 million on Monday.

According to Farside investors, GBTC experienced a net outflow of 368 million dollars. As a result of the net inflows, the price of Bitcoin (BTC) has risen closer to its all-time high, and analysts anticipate that it will soon go past $70,000.

Eric Balchunas, an ETF strategist at Bloomberg, has observed significant trading activity within the cryptocurrency market, particularly among Bitcoin exchange-traded funds (ETFs).

Today was the second-highest volume day for the Ten, with roughly $5.5 billion in trading volume, according to Balchunas, who stresses that today was the volume day including Fidelity Bitcoin ETF.

The ETF IBIT alone contributed $2.4 billion to this volume, which allowed its assets under management (AUM) to surpass $11 billion. This is a crucial point to note.

In addition, Balchunas emphasizes that the value of each of the ten exchange-traded funds (ETFs) has undergone a stunning increase of more than 30% over the last six days.

He believes this remarkable performance could help to maintain the momentum in trading activity. Balchunas draws connections between the phenomenon known as “ARK Mania” and the current market attitude, indicating similarities.

Balchunas concludes that the significant surge in trading activity observed last week could represent a new standard rather than an irregularity.

There is a possibility that a further price increase could occur if the price of Bitcoin breaks above $70,000. The price of Bitcoin is only a few centimeters away from reaching an all-time high.

Considering the substantial inflows into spot Bitcoin exchange-traded funds, institutional players have the potential to propel the surge forward.

Bitcoin expert Willy Woo challenges the concept that the cryptocurrency industry is now in a bull market by providing insights into the present situation of the Bitcoin market.

As far as Woo is concerned, the current market activity is more of a “warm-up phase” than a full-fledged bull market that is driven by fundamentals.

According to Woo, an actual fundamentals-driven bull market is defined as a breach of the upper blue band in the Macro Index below. This is the situation that Woo suggests.

He implies that once this threshold is crossed, players in conventional finance (TradFi) may be taken aback by the subsequent market dynamics.

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