Bitcoin ETFs broke records this week and saw the highest volume of net buying in a single day, leaving behind previous periods of selling through Grayscale.
Last Friday (9), Bitcoin purchases totaled $403 million, a significant increase from the $145 million on Wednesday and more than ten times the $33 million recorded on Tuesday.
Among the giants, BlackRock led with the purchase of $204 million worth of Bitcoin, which marked a jump from the $56 million and $45 million purchased on Wednesday and Tuesday, respectively. Fidelity was not left behind, recording purchases of $128 million.
Companies such as Bitwise, Ark, Invesco and VanEck also reported significant capital inflows, indicating increased interest compared to previous days.
ETFs already hold 200,000 bitcoins
Ark Invest recorded purchases of $86 million, a significant increase from just $3 million on Wednesday. Bitwise added $60 million to its portfolio just days after registering no inflows on Monday and $21 million on Wednesday.
Invesco appears to have gained new momentum, with additions of $13 million after several days without registering inflows, with the exception of $9 million on Wednesday. Similarly, VanEck, which hasn’t seen significant inflows in a while, added $10 million on Thursday.
Meanwhile, Grayscale continues to see low outflow volumes compared to previous days, with a total of $102 million on Thursday, up slightly from $81 million on Wednesday.
Bitcoin Exceeds $48,000
Bitcoin’s price has been on an uptrend over the past three days, from $43,000 to the current $47,980, marking a 10% gain for the week as ETF inflows exceeded half a billion and reached $645 million in the week.
Inflows rose to $42,000 after a period of stagnation, after falling to $49,000 last month. This move changed market sentiment as support at $42,000 was maintained after recovering from a brief dip to $38,500. As a result, the volume of purchases on the market increased.
The market is now facing resistance at $50,000, where it was previously expected at $49,000 last month, suggesting we can expect some volatility near that level.
There may be an initial dip to test the strength of the sellers, but it could also be that the market heads straight towards resistance and then ranges within that range, or even exceeds it completely.
The surprising increase in inflows is notable considering that while Grayscale has experienced a decline in revenue, acquisitions by other ETFs have shown that interest rates can fluctuate, indicating potential growth and volatility in the Bitcoin market.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
