The Bulls Are Back: Spot Bitcoin Inflows Surge With New Records

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The Bulls Are Back: Spot Bitcoin Inflows Surge With New Records
Scott Matherson by Scott Matherson March 28, 2024



Bitcoin bulls look to be firmly back in the driver’s seat following weeks of seeing BTC suffer a bearish sentiment with its price dips. The current bullish outlook for the flagship crypto is evident in the fact that the Spot Bitcoin ETFs are again recording an impressive amount of inflows.

Spot Bitcoin ETFs Record $243 Million In Inflows
Farside Investors revealed in an X (formerly Twitter) post that the Spot Bitcoin ETFs recorded $243 million in inflows on March 27. This record was primarily thanks to BlackRock’s iShares Bitcoin Trust (IBIT) and the ARK 21Shares’ Bitcoin ETF (ARKB), which saw individual inflows of $323.8 million and $200.7 million, respectively.

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These inflows were enough to overshadow the $299.8 million that Grayscale’s Bitcoin ETF GBTC recorded on the day. Meanwhile, this marks the third consecutive day that these Spot Bitcoin ETFs have recorded net inflows, having seen net outflows throughout last week. These funds recorded an inflow of $418 million and $15.4 million on March 26 and 25, respectively.

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This is undoubtedly a welcome development for the crypto community, considering that analysts at JPMorgan already predicted that the wave of profit-taking from the BTC ETFs could last until Halving. Therefore, seeing sustained inflows into these ETFs could mean that the sentiment among these ETF investors has changed.

Irrespective of the current outlook for these ETFs, there is reason to be confident about their future trajectory and how much funds could still flow into the Bitcoin ecosystem. Matt Hougan, the Chief Investment Officer (CIO) at Bitwise, recently suggested that the demand for these Bitcoin ETFs is far from its peak. That means that these funds could still witness an astonishing amount of inflows.

BTC Still Primed For More Upside Move Before Halving
The current bullish sentiment towards BTC suggests that the flagship crypto move could see further moves to the upside before the Halving event in mid-April. Besides the Spot Bitcoin ETFs, which are back to recording net inflows, other fundamentals hint at a price surge for BTC soon enough.

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NewsBTC recently reported that the supply of BTC on centralized exchanges (CEX) has been declining lately, which means that the sell pressure for the crypto token has reduced significantly. With Bitcoin whales cooling off on selling, that leaves room for BTC to embark on an upward trend.

At the time of writing, BTC is trading at around $70,300, up in the last 24 hours according to data from CoinMarketCap.

Bitcoin price chart from Tradingview.com

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BTC trading above $70,000 | Source: BTCUSD on Tradingview.com
Featured image from Bullapp.io, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Tags: bitcoinBitcoin ETFsBitcoin newsbitcoin pricebtcbtcusdBTCUSDTetfETF newsSpot Bitcoin ETF

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Meme coins
Crypto Exec Reveals Why Meme Coins Are The Next ‘Trojan Horse’ For Crypto Adoption
Scott Matherson by Scott Matherson March 28, 2024



Maartje Bus, Vice President of Research at Messari, a prominent crypto market intelligence company, has declared meme coins as the Trojan Horse of the cryptocurrency space. She has highlighted their potential to foster massive adoption and increase engagement within the cryptocurrency space.

Why Meme Coins Are Crypto’s Trojan Horse For Adoption
Speaking at BUIDL Asia, a global developer community in Seoul, South Korea, on Thursday, March 28, Bus gave a presentation on the emerging trends in crypto in 2024. The Messari crypto executive had primarily focused on the impact and potential benefits of meme coins in driving adoption within the crypto space.

Related Reading: Fifth Largest Bitcoin Whale Moves $6 Billion In BTC, Here’s The Destination
According to Bus, meme coins have become an integral part of the crypto market and are evolving towards potentially establishing themselves as a distinct asset class. The Messari executive has described these humor themed coins as a “Trojan horse” which could potentially facilitate the entry of new users into the realm of cryptocurrency, effectively boosting adoption.

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During her speech, Bus disclosed that the introduction of these coins has successfully attracted the attention of both crypto and non-crypto enthusiasts. This is seen in the cryptocurrency’s ability to capture the attention of investors, utilizing its meme-based marketing strategies to fuel engagement while also providing opportunities for massive profitability due to its speculative nature.

Bus believes that meme coins could be likened to a long tail speculative service like lottery tickets which attract investors seeking high risk, high reward opportunities. Additionally, owing to their relatively low price value, they cater to individuals across various income brackets, who are willing to take speculative bets in the hopes of securing significant returns.

Moreover, according to the Messari executive, meme coins serve as a gateway for newcomers to the Web3 space, exposing them to fundamental crypto concepts like decentralization.

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The Growing Allure In Crypto Space
Lately, the rise in interest in meme coins has been growing at an exceptional rate, attracting both investors and traders from all over the world. This surge in interest has propelled meme coins in the spotlight, pushing their prices to unprecedented highs.

Related Reading: The Road To $100,000: Bitcoin Whale Accumulation Explodes
Unlike traditional cryptocurrencies, which are backed by underlying projects and practical use cases, meme coins derive their value largely from their community and speculative appeal. Additionally, these cryptocurrencies offer a more approachable entry point into the realm of crypto investments, utilizing their affordability and susceptibility to social media trends and user sentiments to attract seasoned investors and newcomers alike.

Crypto total market cap chart from Tradingview.com (Meme coins)

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Total market cap at $2.5 trillion | Source: Crypto Total Market Cap on Tradingview.com
Featured image from Finbold, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Tags: cryptoCrypto execCrypto Meme coinCrypto Meme coinscrypto newsmeme coinMeme coin newsmeme coinsMeme coins news


Scott Matherson
Scott Matherson
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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