{"id":379688,"date":"2024-03-27T17:30:46","date_gmt":"2024-03-27T12:00:46","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=379688"},"modified":"2024-03-27T13:41:52","modified_gmt":"2024-03-27T08:11:52","slug":"bitcoin-remains-stagnant-even-as-spot-etfs-bring-in-418m","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-remains-stagnant-even-as-spot-etfs-bring-in-418m\/","title":{"rendered":"Bitcoin remains stagnant even as spot ETFs bring in $418M"},"content":{"rendered":"<ul>\n<li><em>Inflows into new ETFs negated outflows from GBTC.<\/em><\/li>\n<li><i>Bitcoin still encountered selling pressure from long-term holders.<\/i><\/li>\n<\/ul>\n<p>In a remarkable turnaround, <a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a> spot exchange-traded funds (ETFs) in the U.S. attracted substantial inflows on Tuesday, following a disappointing performance last week.<\/p>\n<h4>A strong net positive day<\/h4>\n<p>According to AMBCrypto&#8217;s analysis of <a href=\"https:\/\/sosovalue.xyz\/assets\/etf\" target=\"_blank\" rel=\"noopener\">SoSo Value<\/a> data, about 6,000 BTCs, worth $418 million, flew into these investment avenues on a net basis, marking the strongest wave of inflows since the 14th of March.<\/p>\n<p>With the latest influx, the total value of Bitcoins backing the spot ETFs hit $57.2 billion, constituting 4.20% of the crypto&#8217;s total market cap.<\/p>\n<figure id=\"attachment_379689\" aria-describedby=\"caption-attachment-379689\" style=\"width: 1130px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/bitcoin-spot-etfs.jpg\"><img decoding=\"async\" class=\"size-full wp-image-379689\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/bitcoin-spot-etfs.jpg\" alt=\"Bitcoin spot ETFs\" width=\"1130\" height=\"377\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/bitcoin-spot-etfs.jpg 1130w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/bitcoin-spot-etfs-300x100.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/bitcoin-spot-etfs-1024x342.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/bitcoin-spot-etfs-768x256.jpg 768w\" sizes=\"(max-width: 1130px) 100vw, 1130px\" \/><\/a><figcaption id=\"caption-attachment-379689\" class=\"wp-caption-text\">Source: SoSo Value<\/figcaption><\/figure>\n<p>Fidelity&#8217;s spot ETF (FBTC) led the inflows chart, amassing $279.10 million worth of Bitcoins, followed by BlackRock&#8217;s IBIT fund with inflows of $162 million.<\/p>\n<p>The total inflows from the nine newly-launched ETFs helped in negating $212 million in outflows from incumbent issuer <a href=\"https:\/\/sosovalue.xyz\/bigChart\/Etf_NYSE_GBTC?title=Grayscale%20Investments(GBTC)\" target=\"_blank\" rel=\"noopener\">Grayscale Bitcoin Trust (GBTC)<\/a>.<\/p>\n<p>Last week, Grayscale outflows had exceeded inflows, resulting in five straight net negative days.<\/p>\n<p>On a fascinating note, the accumulated amount by new ETFs included all newly mined Bitcoins on the day, the equivalent of Grayscale&#8217;s outflows, and an additional 5,092 coins from other sellers, venture capital firm HODL15Capital <a href=\"https:\/\/x.com\/HODL15Capital\/status\/1772812080623608033?s=20\" target=\"_blank\" rel=\"noopener\">noted<\/a>.<\/p>\n<h4>Bitcoin fails to lift<\/h4>\n<p>Despite a strong wave of inflows, Bitcoin stayed rooted around the $70,000 level, according to <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>, implying that considerable selling was still taking place.<\/p>\n<p>A lot of these sell-offs could be attributed to long-term holders of the coin. As per AMBCrypto&#8217;s scrutiny of CryptoQuant data, this cohort has been increasingly selling their holdings for profit lately.<\/p>\n<figure id=\"attachment_379690\" aria-describedby=\"caption-attachment-379690\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/bitcoin-long-term-holder-sopr.png\"><img decoding=\"async\" class=\"size-full wp-image-379690\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/bitcoin-long-term-holder-sopr.png\" alt=\"Bitcoin long-term holder profits\" width=\"2560\" height=\"1612\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/bitcoin-long-term-holder-sopr.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/bitcoin-long-term-holder-sopr-300x189.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/bitcoin-long-term-holder-sopr-1024x645.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/bitcoin-long-term-holder-sopr-768x484.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/bitcoin-long-term-holder-sopr-1536x967.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/bitcoin-long-term-holder-sopr-2048x1290.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/bitcoin-long-term-holder-sopr-1200x756.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-379690\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin&#8217;s [BTC] Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p style=\"text-align: left;\">While events like this stem the asset&#8217;s rise, they bring previously inactive coins into the liquid supply. This could potentially lead to more demand and volatility.<\/p>\n<p>A sentiment of \u201cextreme greed\u201d prevailed in the market, as per the latest update from Bitcoin&#8217;s <a href=\"https:\/\/x.com\/BitcoinFear\/status\/1772775580704096678?s=20\" target=\"_blank\" rel=\"noopener\">Fear and Greed Index<\/a>. This could lead to sustained buying pressure in the coming days, causing Bitcoin to go further north.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin notes the strongest wave of inflows in nearly two weeks.<\/p>\n","protected":false},"author":80,"featured_media":379691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-379688","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin remains stagnant even as spot ETFs bring in $418M - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin spot exchange-traded funds (ETFs) attracted substantial inflows on Tuesday, following a disappointing performance last week.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/bitcoin-remains-stagnant-even-as-spot-etfs-bring-in-418m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin remains stagnant even as spot ETFs bring in $418M - 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