Mixed signals in first week, Long-term outlook bullish

It has been a week since Bitcoin ETFs started trading in the US. The net inflow into the ETFs recorded till now is 572 million dollars.

While the number is outstanding, it pales in comparison to the expected numbers. Traders and BTC enthusiasts forecast the inflow to be in the multiple billions. Even then, the ETFs pushed GBTC (Grayscale) to shed 2.74 billion dollars. Similarly, BITO (ProShares Bitcoin Futures) shed 91 million dollars.

The movement has helped the ETFs take in 3.84 billion dollars. However, it is worth noting that 485 million dollars have already left the Canadian and European ETFs. It is safe to assume that this amount has been reinvested in the US ETFs. Since the net inflow does not account for that, customers are not seeing the true amount.

However, that does not mean that Bitcoin ETFs have no future in the US. In the long run, the ETFs have bullish expectations with an optimistic BTC forecast. The biggest crypto is set to undertake its 4th halving in April, which will undoubtedly help the asset.

On the other hand, the move by Fidelity and Blackrock is also sending a positive message to traders. Having low-cost Bitcoin ETFs in the US is more bullish on a 10-year chart than on a 10-day chart.

BTC has now become a formal part of the financial market, and ETH is en route to joining it soon. Even then, it is worth noting that it’s better to travel than to arrive. The overall number of uptrends in the top 100 crypto assets is currently dipping.

Despite the ETF approval, the setback is quite modest and notable. While it is not a crisis, it puts a speed bump in the alt-season rally.

Source: https://www.cryptonewsz.com/bitcoin-etfs-mixed-signals-in-first-week-long-term-outlook-bullish/