coinspress.com
Spot Bitcoin ETFs are witnessing a lucrative week, highlighted by substantial inflows totaling $520 million on Monday and $577 million on Tuesday.
These significant capital injections, particularly driven by the BlackRock iShares Bitcoin ETF, signal a bullish trend in the market.
Notably, data from BitMEX Research reveals a robust net inflow of $577 million on February 27, marking the third-largest surge since the inception of spot Bitcoin ETFs.
The BlackRock iShares Bitcoin ETF alone attracted over $520 million, setting a new record and pushing its net inflow to over $6.5 billion, reflecting strong investor confidence in the cryptocurrency market.
However, amidst this optimism, Grayscale’s GBTC experienced an outflow of $125.6 million on Tuesday, serving as a reminder of potential market volatility.
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Despite this, the Crypto Fear & Greed Index surged to a four-year high of 82, indicating extreme greed among investors and traders.
With BTC’s price hovering around $59,000, just below the previous high of $69,044, market participants anticipate further upward momentum, with predictions of BTC hitting $60,000 in the near future.