After a temporary downturn, the bitcoin exchange rate recovered and surpassed the $69,000 mark yesterday. The main influence on the BTC price is the net inflow of new money from bitcoin-ETFs, which has offset the decline seen in early April.
Since the beginning of April, spot bitcoin-ETFs in the US have experienced a four-day increase in funds. Starting with $39.5 million on April 2, inflows increased to $113.5 million the following day, and reached $213.4 million on April 3. The peak was Friday, when funds gained an impressive $203 million.
Despite the general optimism in the market, Grayscale's GBTC experienced the largest outflow of funds of any ETF. The ETF's trading volume on Friday totaled roughly $2.37 billion, down 31.5% from Thursday's $3.46 billion, yet inflows were only slightly lower, at 4.87%, compared to Thursday.
Following the GBTC outflow, as of Saturday, the data shows that the GreySacale fund still owns 325,686.78 BTC. Meanwhile, IBIT Blackrock has already raised 259,381 BTC. Similarly, FBTC saw an increase in funds on Friday, and the Fidelity-managed fund has now raised around 149,339 BTC.
Despite a volatile start to April in the spot cryptocurrency markets, 11 bitcoin-ETFs ended the week positively, indicating stable optimism in the market. Although trading volume fluctuated and outflows were noted, the continuous inflows over the four days indicate that market appetite remains strong.
Bitcoin's future prospects may be even more encouraging given that BlacRock updated the declaration of its bitcoin-ETF on Friday, bringing in some of the world's largest banks and funds whose management had previously expressed their aversion to bitcoin or refused to create their own exchange-traded bitcoin-ETFs.
Financial market giants such as UBS, ABN AMRO, Citadel Securities, Citigroup, Goldman Sachs, Jane Street Capital and JP Morgan are among the fund's new partners, which are listed in the declaration as authorized participants with broker licenses.
Jamie Dimon, known for his negative statements about bitcoin, now provides bitcoin-ETF acquisition services to his clients through a partnership with BlacRock.
BlackRock's published declaration openly shows that the said major banks of the world are no longer hiding their interest in bitcoin.
This points to a simple fact: no matter what kind of business you run, you should be aware of the presence of bitcoin, and if you continue your business, you are contributing to a market that puts you in a short position against bitcoin.