🚀 Crypto Bullish for BTC? Institutional and Retail Investors’ Appetite for Bitcoin Is Growing, Shows This Coinbase Metric

[Gr@c3]

Bitcoin reclaimed another crucial resistance area as it climbed above $69,000 this week. With the upcoming halving drawing near, investors are preparing for the price fluctuations that accompany this event.

However, the latest data suggests a promising trend for the leading crypto assets as two critical factors shift positively.

• According to CryptoQuant’s analysis, the Coinbase Premium Index is now higher once again. Such a trend is essentially indicative of renewed interest from US retail and institutional investors.
• Meanwhile, spot Bitcoin ETFs saw a significant net inflow of approximately $15.7 million, ending a five-day streak of outflows.
• While Grayscale’s GBTC outflows are yet to slow down, Fidelity’s spot Bitcoin ETF – FBTC – has seen a $262 million inflow on March 25th, contributing to its total assets under management (AUM) of $7.2 billion.
• On the other hand, BlackRock’s fund IBIT, which has been the largest contributor since its inception, attracted a modest $35.5 million inflow, well below its usual average.
• Despite the IBIT fund having an AUM of $13.4 billion, the combined inflows from both companies still fall short of Grayscale’s holdings.
• But BlackRock and Fidelity experiencing 50 consecutive days of inflows is a remarkable feat for a recently launched ETF, as noted by Bloomberg’s ETF analyst, Eric Balchunas, who said that it is “unheard of for a new ETF.”
• These indicators collectively signal a potential upward trajectory for Bitcoin’s price in the coming days.

The post Bullish for BTC? Institutional and Retail Investors’ Appetite for Bitcoin Is Growing, Shows This Coinbase Metric appeared first on CryptoPotato.