Bitcoin reclaimed another crucial resistance area as it climbed above $69,000 this week. With the upcoming halving drawing near, investors are preparing for the price fluctuations that accompany this event.
However, the latest data suggests a promising trend for the leading crypto assets as two critical factors shift positively.
- According to CryptoQuant’s analysis, the Coinbase Premium Index is now higher once again. Such a trend is essentially indicative of renewed interest from US retail and institutional investors.
- Meanwhile, spot Bitcoin ETFs saw a significant net inflow of approximately $15.7 million, ending a five-day streak of outflows.
- While Grayscale’s GBTC outflows are yet to slow down, Fidelity’s spot Bitcoin ETF – FBTC – has seen a $262 million inflow on March 25th, contributing to its total assets under management (AUM) of $7.2 billion.
- On the other hand, BlackRock’s fund IBIT, which has been the largest contributor since its inception, attracted a modest $35.5 million inflow, well below its usual average.
- Despite the IBIT fund having an AUM of $13.4 billion, the combined inflows from both companies still fall short of Grayscale’s holdings.
- But BlackRock and Fidelity experiencing 50 consecutive days of inflows is a remarkable feat for a recently launched ETF, as noted by Bloomberg’s ETF analyst, Eric Balchunas, who said that it is “unheard of for a new ETF.”
- These indicators collectively signal a potential upward trajectory for Bitcoin’s price in the coming days.