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Spot Bitcoin ETFs have made a solid comeback once again as BTC price surged to $70,000 on March 2.
BlackRock’s iShares Bitcoin Trust (IBIT) was leading most of the inflows of the total $458 million. This shows that institutions are positioning themselves for the next leg of the rally, after recent correction.
BlackRock Bitcoin ETF Leads Major Inflows
Crypto asset manager BlackRock was once again leading most of the inflows into US Bitcoin ETFs, during yesterday’s trading session. Of the $458 million in total inflows, BlackRock’s IBIT alone saw $263 million worth of inflows. Fidelity’s FBTC came second at $94.8 million.
On March 2, BlackRock’s IBIT recorded the largest single-day inflow in over the past 5 months. This marks a good beginning to the month of March after suffering massive outflows in mid February.
BlackRock’s net inflows into IBIT have once again crossed $62 billion. This milestone came as a result of yesterday’s inflows, according to data from Farside Investors.
On the other hand, the total inflows across all ETFs have crossed $55 billion once again. This shows that institutional capital is rotating back into BTC once again. Speaking on the development, popular analyst Michael Van de Poppe said:
Bitcoin ETFs Join Big Players in Bitcoin Accumulation
Following this recent BTC price drop, big players have once again joined Bitcoin ETFs, with fresh purchases.
On March 2, Michael Saylor’s MicroStrategy purchased another 3,015 BTC, for an investment of $204 million. As of date, the company holds a total of 720,737 BTC, acquired for $54.7 billion.
Furthermore, as per CoinShares data, digital asset investment products recorded $1.0 billion in inflows last week. Thus, these products ended a five-week outflow streak that had totaled $4.0 billion.
Recent price weakness, technical resets, and renewed accumulation by large Bitcoin holders supported the shift in sentiment. These factors actively reinforced confidence in the market.
Bitcoin attracted the bulk of the inflows at $881 million. However, $3.7 million flowed into short Bitcoin investment products. This shows that the positions among big players remain divided as of now.
BTC Price Gives Up Gains of $70,000
On March 2, the BTC price surged all the way to $70,000 in a relief recovery. However, as the geopolitical tensions escalate further, it has given most of its gains. As of press time, Bitcoin is once again trading at $67,000. Speaking on the development, popular analyst Ted Pillows noted:
Jan van Eck, CEO of VanEck Investments, described the recent market bounce as a possible “sign of life.” He remarked during a CNBC interview, highlighting cautious optimism in the sector.
He noted that while Bitcoin remains roughly 50% below last year’s peak. Besides, he also added that the latest move higher could suggest that a bottoming phase is beginning to take shape.
Monday’s BTC price rally was supported by improving macro conditions. This includes a stronger-than-expected U.S. ISM manufacturing PMI reading of 52.4. Moreover, approximately $341 million in short liquidations that contributed to the upward momentum.
