{"id":255670,"date":"2024-02-28T14:35:49","date_gmt":"2024-02-28T09:05:49","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=255670"},"modified":"2024-02-28T14:35:49","modified_gmt":"2024-02-28T09:05:49","slug":"btc-price-hits-59k-as-blackrock-bitcoin-etf-saw-massive-520m-inflow-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/btc-price-hits-59k-as-blackrock-bitcoin-etf-saw-massive-520m-inflow-crypto-news\/","title":{"rendered":"BTC Price Hits $59K as BlackRock Bitcoin ETF Saw Massive $520M Inflow – Crypto News"},"content":{"rendered":"

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The week is turning out to be great for spot Bitcoin ETFs as they started the week with a $520 million inflow on Monday and recorded another strong inflow of $577 million on Tuesday. The massive inflow came on the back of BlackRock iShares Bitcoin ETF witnessing an inflow of $520 million alone, pointing out high odds of BTC price rally to $60,000.<\/p>\n

BlackRock Leads Spot Bitcoin ETF Inflow<\/h2>\n

Spot Bitcoin exchange-traded funds (ETF) witnessed $577 million net inflow (or 10,167.5 BTC net inflow) on February 27, according to data by BitMEX Research. This was the third-largest inflow until launch, as all nine spot Bitcoin ETFs recorded massive trading volumes. However, Grayscale\u2019s GBTC outflow increased again on Tuesday after dropping to $22.4 million a day before.<\/p>\n

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BlackRock<\/strong> iShares Bitcoin ETF (IBIT) saw over $520 million, breaking its largest inflow to date record. IBIT also saw a record $1.3 billion trading volume, exceeding the daily trade volume of most large-cap US stocks. Following the latest inflow, BlackRock\u2019s net inflow hit over $6.5 billion and asset holdings jumped over 141,000 BTC.<\/p>\n

Fidelity Bitcoin ETF<\/strong> (FBTC) and Ark 21Shares<\/strong> (ARKB) Bitcoin ETF saw $126 million and $5.4 million, respectively. Bitwise (BITB), VanEck (HODL), and others spot Bitcoin also saw substantial inflows, indicating strong bullish sentiment among retail and institutional investors.<\/p>\n

<\/p>\n

Notably, GBTC<\/strong> saw a $125.6 million outflow, an increase from Monday\u2019s $22.4 million outflow, setting aside hopes of a paradigm shift. Bloomberg senior ETF analyst Eric Balchunas said the daily trading volume of nine new spot Bitcoin ETFs except <\/span>GBTC<\/span> exceeded $2 billion for the second consecutive day <\/span>as BTC price holds strongly above $57K.<\/p>\n

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\"Spot
Source: BitMEX Research<\/figcaption><\/figure>\n

Also Read: Sam Bankman-Fried\u2019s Defense Counsel Proposes 6 Year Sentence or Less<\/a><\/strong><\/p>\n

BTC Price Breaks Above $59,000<\/h2>\n

Crypto<\/span> Fear & Greed <\/span>Index<\/span> has reached<\/a> a 4-year high value of 82 today, with the market sentiment currently in the \u2018Extreme Greed\u2019 zone<\/span>. The FOMO reaches into Wall Street as traders\u2019 interest in BTC is extremely high. Experts predicted BTC price to hit $60,000<\/a>\u00a0before bitcoin halving.<\/p>\n

<\/p>\n

BTC price<\/a> skyrocketed to $59,000<\/span>, less than 15% away from the $68.6K high established 27 months ago. The 24-hour low and high are $56,219 and $59,000, respectively. Furthermore, the trading volume has increased slightly in the last 24 hours, indicating interest among traders.<\/p>\n

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Good morning,#Bitcoin<\/a> is above $58K, where funding rates are going through the roof.<\/p>\n

Astonishing strength, definitely areas to start looking for profits. pic.twitter.com\/WXRzkEkaBA<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) February 28, 2024<\/a><\/p>\n<\/blockquote>\n

Also Read: US SEC Request Judge Torres to Extend Remedies Briefing Deadlines in Ripple Case<\/a><\/strong><\/p>\n

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\u2713 Share:<\/p>\n

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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–><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The week is turning out to be great for spot Bitcoin ETFs as they started the week with a $520 million inflow on Monday and recorded another strong inflow of $577 million on Tuesday. The massive inflow came on the back of BlackRock iShares Bitcoin ETF witnessing an inflow of $520 million alone, pointing out […]<\/p>\n","protected":false},"author":2,"featured_media":248668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-255670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/255670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=255670"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/255670\/revisions"}],"predecessor-version":[{"id":255674,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/255670\/revisions\/255674"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/248668"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=255670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=255670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=255670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}