According to Farside investor data, nine Bitcoin ETFs saw a $326 million surge, more than double the amount of the surges that occurred the previous day. Bitcoin prices fell, dropping to $61,035.
Market Situation and Institutional Stance
BlackRock’s Bitcoin ETF IBIT saw a $75 million entry, while Fidelity’s ETF FBTC came in second with $39.6 million. Meanwhile, Grayscale Bitcoin ETF GBTC experienced a $444 million surge. These surges show that institutional investors were cautious ahead of the Federal Open Market Committee (FOMC) meeting on March 20.
Grayscale and ETF Prices
Grayscale reported an additional 6,860 Bitcoin, making up 1.9% of its portfolio. Despite Grayscale CEO Michael Sonneshien’s announcement that GBTC fees would decrease, this surge occurred.
In the cryptocurrency markets, especially Bitcoin and Ethereum, declines were seen. Bitcoin dropped below $61,100, while Ethereum fell to $3,089. Analysts note that demand plays a critical role in maintaining Bitcoin’s price.
According to CryptoQuant’s analysis, doubts about a bear market in the cryptocurrency market are increasing. However, there is no definitive evidence that this trend has come to an end.
Historically, bear markets in Bitcoin do not always end at their highest levels. The upcoming halving event and current momentum can sustain positive expectations around ETFs. Market movements are eagerly anticipated after the FOMC meeting.
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