Key Insights:
- Spot Bitcoin ETF clocked $167 million in inflows on Monday.
- BlackRock’s IBIT led the charge with $109 million positive flows.
- BTC price bounced back and rallied beyond $71,000 today.
Bitcoin ETF in the United States registered high inflows on March 9, hitting $167.1 million. The inflows followed a period of extensive outflows on several occasions, accompanied by a recovery in the market price of Bitcoin. This comes as the risk sentiment in global markets recovered.
Bitcoin ETF Witness Major Comeback With $167 Million Inflow
The largest inflow of funds gushed into iShares Bitcoin Trust (IBIT) of BlackRock that brought in new investments of a total of $109.3 million. Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) came next with a deposit of $60.1 million, Farside Investors’ data showed.
Other Bitcoin funds reflected comparatively lower flows, with the VanEck HODL ETF and the Bitwise BITB ETF registering increases of $4.9 million and $4.5 million, respectively.
The recent figures depict a massive shift in trend following successive days of outflows. Spot Bitcoin ETF registered a net outflow of $348.9 million on March 6, and previously on March 5, the products registered withdrawals of $227.9 million.
The turnaround indicates institutional demand recovery while the crypto market rebounds. Overall, Bitcoin ETF inflows continue to spotlight the dominance of BlackRock’s IBIT product.
The fund received over $62.5 billion in cumulative flows, which is much higher than that of the other issuers. Fidelity’s FBTC boasts the second-largest cumulative inflow of around $10.9 billion, with Bitwise and ARK Invest’s products next in line.
Will BTC Price Hold Above $70,000?
The Bitcoin (BTC) price advanced in the Asian trading hours and surpassed the $71,000 mark after falling to approximately $65,000 in the last session.
The recovery of Bitcoin occurred following the strengthening of risk sentiments as Donald Trump indicated that the war against Iran was probably to end. As a result, the risk sentiment that had earlier pushed investors towards secure assets had been alleviated.
Michaël van de Poppe, a renowned crypto analyst, shared a trading chart indicating the recent fluctuations of the price movement of Bitcoin.
Trump says ‘War is very much complete in Iran.’ Markets say: sure, we’ll tank oil immediately. That’s a great sign. Bitcoin back up to $69K+, that’s also a good sign,” he wrote on X.
Previously, BTC price experienced a sharp downward move earlier in February, falling from $95,000 to $65,000. The fall came with an increase in the trade volume, which meant that the trading was aggressive at the time.
After the fall, the Bitcoin price started to establish a consolidation base above the support level of $65,000, which the chart determines as a ‘higher low’ zone.
The region between $65,117 and $65,872 seems to serve as an essential support zone where the buyers have stepped in to prevent higher declines. It faces other resistance zones above the current price, which may affect the short-term market movement.
The major level is almost $74,500, and the wider resistance range is between $76,000 and $80,600. These levels acted has major support levels previously when BTC price soared past $120,000. However, they now act resistance points as the price plunged nearly 47% from its peak.
The technical structure indicates that on the correction phase, Bitcoin moves below a short-term moving average.
As the BTC price starts re-gaining steam, it is trading back to the price range of around $70,000. Trading volume has toned down relative to the previous selloff, which indicates that the present rebound is taking place under more favorable market conditions.