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Bitcoin ETF Flows Remain Strong Ahead of Halving
Spot Bitcoin exchange-traded fund (ETF) flows are anticipated to remain robust leading up to the Bitcoin halving, according to insights from on-chain analytics firm Santiment.
Bitcoin ETF Volume Continues Steady Growth
In a recent analysis, Santiment highlighted that Bitcoin ETF volume has been steadily increasing since the asset’s mid-March all-time high. Trader activity remains high compared to late February when individual trading saw a significant surge.
Top ETFs Daily Volume Reaches $3.19 Billion
Santiment reported that the top seven ETFs have collectively reached a daily volume of $3.19 billion, indicating sustained interest in these products.
Accumulation of Bitcoin Through ETFs
Lucas Kiely from Yield App suggested that the accumulation of Bitcoin through ETFs could potentially reduce large price swings following the halving event. Spot Bitcoin ETF volumes reached $111 billion in March, nearly tripling the previous month’s volume.
Inflows and Outflows Trends
Recent data from Farside Investors showed an increase in Bitcoin ETF inflows towards the end of the previous week, with notable net inflows on April 4 and 5. Grayscale, on the other hand, experienced consistent outflows, shedding $738 million last week.
Industry Optimism and Predictions
Despite some outflow trends, industry executives like Ripple CEO Brad Garlinghouse remain optimistic. Garlinghouse predicts a doubling of the total market value of cryptocurrencies this year, driven by spot ETFs and the Bitcoin halving. Similarly, Matteo Greco, a research analyst, expects Bitcoin to reach $75,000 by the halving event.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
