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Spot Bitcoin ETFs began the week strongly with one other main day, recording an influx of $520 million on Monday. The large influx got here on the again of bulls going tremendous bullish on bitcoin, pushing BTC value to rally previous $57,000. CoinGape earlier reported {that a} provide shock earlier than Bitcoin halving will end in BTC surpassing $55K very quickly.

Spot Bitcoin ETFs Records $520 Million Net Inflow

The internet influx for spot Bitcoin exchange-traded funds (ETF) was $520 million on February 26, in response to knowledge by Farside. Almost all 9 spot Bitcoin ETFs recorded large influx and Grayscale’s GBTC witnessed one other drop in BTC outflow, indicating robust bullish sentiment amongst retail and institutional buyers.

BlackRock (IBIT) recorded a report influx of $111.8 million, with the online influx hitting $6 billion. BlackRock Bitcoin ETF now has asset holdings reaching practically $7 billion. However, the Fidelity Bitcoin ETF was the star of the day.

Fidelity (FBTC) and Ark 21Shares (ARKB) Bitcoin ETF noticed $243.3 million and $130.6 million, respectively. Bitwise (BITB), VanEck (HODL), and others additionally noticed substantial inflows amid bullish sentiment.

Moreover, GBTC noticed a $22.4 million outflow, a rise from Friday’s 51.8 million outflow, however it’s aligned with final week’s vary. Bloomberg ETF analyst James Seyffart famous that that is the report low outflow for the fund. The report quantity of $3.84 billion and internet inflows ripped by $55k to past $57k in lower than half-hour.

Also Read: Ethereum (ETH) Price Up 5% As Layer-2 DeFi TVL Hits $30 Billion

BTC Price Shoots Past $57,000

The FOMO is at its peak as Crypto Fear and Greed Index once more hit 79 (Extreme Greed) on Monday from 72 on Sunday. It’s a pivotal second as merchants’ curiosity in BTC is extraordinarily excessive. Experts predicted BTC price to hit $60,000 earlier than bitcoin halving.

The rally got here after MicroStrategy introduced the acquisition of roughly 3,000 extra tokens this month. With this newest buy, the corporate’s Bitcoin holdings now attain 193,000.

BTC price skyrocketed its strategy to a market worth as excessive as $57,250, reaching inside 19.9% of the $68.6K excessive established 27 months in the past. The value is at the moment buying and selling at $56,325, up over 10% within the final 24 hours. The 24-hour high and low are $50,931 and $56,728, respectively. Furthermore, the buying and selling quantity has elevated by an enormous 230% within the final 24 hours, indicating an increase in curiosity amongst merchants.

Read More: BTC Price Shoots to $57,000 As Nine Bitcoin ETFs Set New Records

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Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a expertise fanatic and analytical thinker, he has shared his information of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the big potential of those modern future applied sciences. He is at the moment overlaying all the newest updates and developments within the crypto business.

The offered content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.