Bitcoin ETF gains momentum again with inflows of $484 million. What's next for BTC price?

Over the week beginning April 1, spot Bitcoin ETFs experienced an up and down frenzy. These ETFs recorded a total weekly inflow of over $7,484 million despite the first day being negative. However, despite the recovery, Bitcoin ETF inflows have halved compared to last week's strong inflows. Still, the recovery is impressive and could also trigger a recovery in BTC price.

Discover weekly Bitcoin ETF flows

The week began with a collective net outflow of $85.84 million on Monday, April 1st. Notably, Grayscale’s GBTC saw a significant net outflow of $302 million. Meanwhile, BlackRock's IBIT recorded an offsetting net inflow of $165 million. Fidelity's FBTC also saw a net inflow of $43.99 million.

This resulted in a total net outflow of $85.7 million from these ETFs. Despite these fluctuations, cumulative net inflows for spot Bitcoin ETFs reached an impressive $12.04 billion at the time. Furthermore, this highlights investors' continued interest in this asset class.

However, market sentiment changed on Tuesday, April 2, as spot Bitcoin ETFs recorded net inflows totaling $39.47 million. This shift was marked by GBTC's single-day net outflow of $81.86 million, offset by a net inflow of $150 million from IBIT and a net inflow of $44.77 million from FBTC.

Additionally, these ETFs saw a decline in outflows from Grayscale's GBTC on Wednesday, April 3, with total outflows falling to $75 million. BlackRock's IBIT made a notable purchase worth $42 million. Additionally, FBTC recorded a significant purchase worth $117 million. Additionally, it signals increased investor interest and contributed to a total inflow of $113 million across all Bitcoin ETFs.

More positive sentiment was seen on Thursday, April 4, as Bitcoin ETFs recorded a cumulative net inflow of $213 million. This was the third straight day of net inflows, indicating a revival in investor demand after a previous decline. The surge in inflows just before the halving suggested strategic accumulation of BTC holdings by investors.

The week ended on Friday, April 5, with a steady ETF inflow totaling $203 million. Notably, BlackRock led the way with inflows of $308.8 million, followed by Fidelity with $83 million. However, GBTC continued to experience outflows of $198.9 million even after the completion of the Genesis liquidation.

Also Read: Bitcoin Maxi reveals why BTC will outperform USD by 100x

Bitcoin price recovery

Amid the recovery in Bitcoin ETF flows, BTC price also gained momentum and rose above $69,000. At press time, Bitcoin price increased by 2.10% to $69,362.43 on Sunday, April 7. In contrast, trading volume for the cryptocurrency plunged 33.09% to $19.97 billion.

Meanwhile, the BTC market cap stood at $1.36 billion. During the price rally, Bitcoin saw massive short liquidations as these traders bought back their positions to mitigate potential losses. This could lead to a short squeeze, which could cause the Bitcoin price to rise further before eventually collapsing.

According to Coinglass, $24.61 million in BTC short liquidations occurred in the last 24 hours out of a total of $28.38 million. Michaël van de Poppe, a popular crypto analyst, recently predicted that if BTC breaks above $69,000, it could set a new all-time high.

However, he expressed skepticism about this and suggested a consolidation in the BTC price. Poppe concluded the post

Also read: Costa Rica resumes debate on allowing Bitcoin as a means of payment for everyday use

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