Spot Bitcoin exchange-traded funds have pushed BTC to record highs this year. The inflows via these investment vehicles have been strong.strong
Santiment’s data revealed that these top seven spot Bitcoin ETFs recorded a trading volume of $3.83 billion on February 25th, marked as a turning point. Fast-forward to April, the daily volume for these funds was found to be at $3.19 billion. With the upcoming halving less than two weeks away, the crypto analytic platform anticipates that the ongoing heightened activity will persist. However, there is speculation regarding whether a subsequent drop-off in ETF volume and on-chain activity will occur immediately afterward.the significant BTC purchases made by major institutions, with Blackrock acquiring 12,000 Bitcoin and Fidelity purchasing 6,000 Bitcoin in the previous week alone.
While Grayscale’s GBTC has been selling, Fahrer emphasized that their selling activity is finite. Once their selling pressure comes down, the founder anticipated that a fierce FOMO rally would ensue, triggering Bitcoin’s price to new highs once again, with $100,000 as a crucial target.
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