Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
After a week of investor jitters, Bitcoin spot ETFs saw a significant reversal of fortune.
What Happened: Bitcoin spot ETFs recorded a net inflow of $15.7 million on Monday, March 25.
This positive shift comes on the heels of five consecutive days of net outflows. According to data from SoSoValue, the turnaround was driven primarily by Fidelity’s Wise Origin Bitcoin ETF (BATS:FBTC).
The ETF raked in a staggering $261 million in net inflows.
BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) also contributed positively, recording a net inflow of $35.48 million.
This surge in investor appetite stands in stark contrast to the sizeable net outflow of $350 million witnessed by Grayscale’s Bitcoin Trust (OTC:GBTC).
This development coincides with growing optimism surrounding Bitcoin’s future.
According to insights from QCP research, Bitcoin (CRYPTO: BTC) has surged past the $70,000 threshold, fueled by the news that the London Stock Exchange intends to commence trading Exchange-Traded Notes (ETNs) for Bitcoin and Ethereum starting May.
Also Read: EXCLUSIVE – Coinbase UK CEO Pinpoints Bitcoin’s Rise, Calls Coin A Viable Alternative For Millions In Benzinga Interview
This development underscores the surging demand for Bitcoin spot ETFs among wealth management clients.
Furthermore, asset managers are increasingly incorporating cryptocurrency into their portfolios as a diversification strategy, amid anticipations of the cryptocurrency’s value potentially reaching the elusive $100,000 mark.
Bitcoin’s ascent is bolstered by a robust demand for structured products, such as Accumulators and Fixed Coupon Notes. It indicates a broadening and deepening of the market’s infrastructure and investor base.
What’s Next: Amid these evolving market dynamics, the upcoming Benzinga’s Future of Digital Assets conference, scheduled for Nov. 19, emerges as a pivotal congregation for industry stakeholders.
This event promises to delve into the intricacies of digital asset investments. It offers attendees a comprehensive understanding of the latest trends, investment strategies, and the future outlook of cryptocurrencies.
Read Next: Bitcoin Believer From 2018 Nails It: Is He Right About $150,000?
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