- Inflows for Bitcoin ETFs increased, indicating increasing interest in BTC.
- The revenue generated by miners remained positive ahead of the upcoming halving.
Bitcoin[BTC] climbed above the $70,000 mark after stagnating at this level for a long time. However, the recent interest in Bitcoin ETFs could help turn BTC green again.
A story of outflows and inflows
According to data from SoSoValue, total net inflows into Bitcoin spot ETFs reached $179 million as of March 28.
Specifically, the Grayscale ETF GBTC recorded an outflow of $104 million, while the BlackRock ETF IBIT recorded an inflow of $95.12 million and the Fidelity ETF FBTC recorded an inflow of $68.09 million.
As a result, the cumulative historical net inflows of these ETFs currently stand at $12.12 billion.
Source: SoSoValue
This increase in inflows could indicate that retail investor interest in ETFs in traditional markets is increasing. High inflows could potentially lead to positive price movement for BTC in the future.
At press time, BTC was trading at $69,864.20 and its price had fallen by 0.81% in the last 24 hours.
Even though interest in Bitcoin increased in the traditional financial sector, the same cannot be said for the crypto space. The speed at which BTC was traded also fell during this period. This meant that the frequency with which the king coin was traded had decreased. The drop in velocity could indicate that current addresses may be losing interest in BTC.
Additionally, the total number of holders accumulating BTC has also decreased. These factors could affect the price of BTC in the future.
Source: Santiment
Condition of the miners
Another factor that could affect the price of Bitcoin would be the condition of the miners on the network. AMBCrypto’s analysis of Blockhain.com’s data showed that the revenue generated by miners had increased sharply.
The increase in sales means miners do not need to sell their BTC holdings to remain profitable.
Read Bitcoins [BTC] Price prediction 2024-25
The general selling pressure for BTC could also be reduced. However, the upcoming halving could change the course for miners as the reward generated by miners would decrease.
This could lead to many miners deciding to sell their shares. Although halvings have historically been a bullish event for Bitcoin, many holders would have to weather the short-term sell-offs that could occur on the network due to halvings.
Source: Blockchain
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