Yesterday’s Bitcoin journey was a tumultuous rollercoaster, with the price initially surging past $73,000, before crashing into a liquidation. Over $361,000,000 worth of leveraged trading was unwound in this event, forcing the BTC to drop sharply below $68,300.
The drastic price fluctuation primarily affected long position holders—investors who speculated on a continued price rise—with a staggering $258 million wiped out. Bitcoin then staged an impressive V-shaped recover, and short sellers were on the wrong side of it, losing just over $100 million.
The following is a list of the most popular ways to contact us data Coinglass marks this event as being the largest purge of positions long since March 5, 2015. Bitcoin had fallen to just $60,800 after its ascent to an all-time peak of $69,000.
Bitcoin ETFs Register Record $1 Billion Inflows
Investors in Bitcoin Exchange-Traded Funds engaged in an unprecedented buying spree. The first daily Bitcoin ETF inflow exceeding $1 billion occurred on March 12. This was mainly due to an $849-million inflow. BlackRock’s IBIT. According to detail data Farside Investors released a report that showed the net flows across Bitcoin ETFs totaled $1045 Million (or $1.045 Billion).
The second largest Bitcoin ETF to date, Fidelity, saw a rather quiet day with FBTC taking in only $51.6 million, while Ark Invest ($93 million), Bitwise ($24.6 million), Valkyrie ($39.6 million) and VanEck ($82.9 million) saw relatively strong capital inflows. Notably, Grayscale‘s GBTC saw a waning outflow of just $79 million.
Bitcoin analyst Alessandro Ottaviani shared The magnitude of the inflows is highlighted by his observations on X. “1 Billy of Total net Inflow! ONE BILLION DOLLARS! […] In the last twelve trading days, The Nine inflow has been $9.2b, with an average of $768m per day. Just imagine if we keep this pace and it is confirmed that GBCT outflow is almost exhausted.”
Maartunn, Crypto Quant’s analyst, provided further context on the impact of inflow, by revealing. “JUST IN: The Bitcoin Exchange-Traded Fund (ETF) has experienced its highest inflows ever, with an additional 14,706.2 BTC.” The statement highlights the significant increase in Bitcoin demand and could set it up for major gains. supply squeeze.
🚨🚨 Just in: the Bitcoin Exchange-Traded Fund has seen its largest ever inflows, with 14,706.2 BTC. https://t.co/xg7wADbRzy pic.twitter.com/IUAyt1jzGE
— Maartunn (@JA_Maartun) March 13, 2024
Adding to conversation is crypto analyst @venturefounder suggested Potential future price changes based on current trends “Absolute Bitcoin madness […] The 5-day moving average net inflow has fully recovered to peak. So… probably HIGHER. If this continues, $80-90k by the end of month is not far fetched. No correction has lasted longer than 24 hours on the weekdays. Interestingly, the first major correction of the 2021 cycle came when price went 2x previous ATH. So could we see no major correction until $120k?”
BTC has already exceeded the $73,500 threshold and is currently trading at $73,392.
Featured image created with DALL·E, chart from TradingView.com
Disclaimer article This information is only for educational purposes. NewsBTC does not give its opinion on the best way to invest, whether you should buy, hold or sell any investment. Investing is risky and comes with risks. We recommend that you do your research. own Research before investing. This website is for informational purposes only. own risk.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: www.newsbtc.com
