Bitcoin ETFs See $274.6 Million Inflow, Signaling potential Reversal
On March 17, Bitcoin exchange-traded funds (ETFs) witnessed a significant inflow of $274.6 million. This marks the highest daily inflow since February 4, breaking a five-week streak of outflows totaling nearly $5.4 billion.
among the top performers, Fidelity’s FBTC led with $127.3 million in new investments. ARKB followed with $88.5 million, while BlackRock’s IBIT added $42.3 million. Grayscale’s Bitcoin Fund and Bitwise’s BITB also saw inflows of $14.2 million and $2.3 million, respectively.
Despite this positive shift, Bitcoin’s price remains around $82,883, down by over 1% for the day.The 20-day exponential moving average at $85,559 acts as a key resistance level. Breaking above this could push prices toward $88,000 to $90,000. However, a drop below $82,000 might lead to further declines.
Trader Coinvo notes a bullish flag pattern, suggesting a potential rally to $125,000 in the coming months. This inflow could signal renewed institutional confidence in Bitcoin.
For more insights, check Farside Investors and crypto.news.
