Bitcoin‘s value recently rebounded, surpassing the $67,940 mark in response to newly released employment data. Prior to this surge, the cryptocurrency had dipped to $65,952 but the introduction of U.S. job market figures before the opening of the American markets resulted in increased market activity and fluctuations in Bitcoin’s price.
ETF Inflows and Market Dynamics
The recovery in Bitcoin’s price to $68,500 from its daily low did not signify a robust comeback, with expectations of a fall in trading volumes over the weekend. Nonetheless, a recovery was anticipated upon the arrival of buoyant ETF data. Subsequent updates from BlackRock’s IBIT fund heralded a substantial net inflow of $309.1 million, the highest since late March. Despite a typical weekend lull, this influx hints at investors’ enduring interest in Bitcoin-related financial products.
Spot Bitcoin ETFs Attract Additional Funds
Further analysis of Spot Bitcoin ETFs indicates a possibility of even greater inflows by week’s end. Following a significant inflow of $213 million, if Fidelity’s inflows also exceed $200 million, total net inflows might reach an estimated $300 million. Currently, net inflows stand at $127.5 million, excluding Fidelity’s FBTC.
Conclusions from This Article
- Bitcoin’s recent price recovery has been partly fueled by positive employment data and strong ETF inflows.
- BlackRock’s IBIT fund reported significant net inflows, suggesting growing investor confidence.
- Weekend trading could be influenced by further data on Spot Bitcoin ETFs, particularly from Fidelity’s FBTC.
As the market heads into the weekend, all eyes are on the FBTC data to gauge its impact on market sentiment. However, investors remain wary ahead of the upcoming U.S. inflation data release mid-week. Previous months have shown disappointing figures, and another high inflation report for March could prompt the Federal Reserve to adopt a more aggressive policy stance, potentially affecting Bitcoin’s performance.