Throughout the week starting April 1st, the Spot Bitcoin ETF witnessed a frenzy of crashes and rebounds. These ETFs posted total weekly inflows of more than $7.484 billion, despite a negative opening day. However, despite the rebound, Bitcoin ETF inflows have halved compared to last week's strong inflows. Nevertheless, this recovery is impressive and may also fuel the BTC price recovery.
Spot Bitcoin ETF Weekly Flow
The week started with net outflows totaling $85.84 million on Monday, April 1st. Notably, Grayscale's GBTC recorded a significant net outflow of $302 million. BlackRock's IBIT, by contrast, had net inflows of $165 million. Fidelity’s FBTC also had net inflows of $43.99 million.
There were total net outflows from these ETFs of $85.7 million. Despite these fluctuations, cumulative net inflows into the Spot Bitcoin ETF amounted to a staggering $12.04 billion at the time. Furthermore, this highlights continued investor interest in this asset class.
However, market sentiment changed on Tuesday, April 2nd, as total net inflows into the Spot Bitcoin ETF reached $39.47 million. This change was highlighted by daily net outflows of GBTC of $81.86 million, net inflows of IBIT of $150 million, and net inflows of FBTC of $44.77 million.
Additionally, on Wednesday, April 3, these ETFs saw fewer outflows from Grayscale's GBTC, reducing total outflows to $75 million. BlackRock's IBIT made a notable $42 million acquisition. Furthermore, FBTC recorded a huge acquisition of $117 million. Additionally, this shows increased investor interest, contributing to a total of $113 million in inflows across all Bitcoin ETFs.
Thursday, April 4th saw further strength as Bitcoin ETFs recorded cumulative net inflows of $213 million. This was the third consecutive day of net inflows and suggests investor demand has revived after the previous drop. The increase in inflows just before the halving indicated a strategic accumulation of BTC holdings by investors.
ETF flows stabilized this week on Friday, April 5th, ending the week with a total of $203 million in net inflows. Notably, BlackRock topped the list with his $308.8 million inflows, followed by Fidelity with his $83 million. However, even after the GBTC Genesis liquidation was completed, he continued to outflow $198.9 million.
Also read: Bitcoin Maxi reveals why BTC outperforms USD by 100x
Bitcoin price recovery
As Bitcoin ETF flows pick up, BTC price also gained momentum, surging above $69,000. At the time of writing, the Bitcoin price on Sunday, April 7th was up 2.10% to $69,362.43. In contrast, virtual currency trading volume decreased by 33.09% to $19.97 billion.
Meanwhile, BTC's market capitalization was $1.36 billion. During the price rebound, Bitcoin underwent massive short-term liquidations as these traders bought back their positions to mitigate potential losses. This could lead to a short squeeze and further increase in Bitcoin price before the final crash.
According to Coinglass, BTC witnessed short-term liquidations of $24.61 million out of a total of $28.38 million in the past 24 hours. Popular crypto analyst Michael Van de Poppe recently predicted that Bitcoin could test its all-time high if it breaks above $69,000.
However, he expressed skepticism about this and suggested that the BTC price is solid. Poppe concluded his post about X by writing: “But to be honest, most of the upside is already biased towards the halving and I think consolidation will be next.”
Also read: Costa Rica resumes discussion on accepting Bitcoin as currency for everyday use
